Hassana Investment Company (Hassana) announced the signing of a agreement to acquire Business Gate from ANBC Business Gate Fund. This strategic acquisition is in line with Hassana's objective to deploy capital in the local real estate market, focusing on various strategies including investment in income-generating real estate assets.
Business Gate, strategically located in the Qurtubah District of Riyadh, is a mixed-use asset that includes a class A office park spanning over 100,000 square meters, housing leading local and international tenants. Additionally, it features a luxury 298-key Fairmont hotel with extensive amenities, managed by Accor Hotels.
This acquisition brings the total area of office space under Hassana’s portfolio to approximately 1 million square meters and the number of hotel room keys to approximately 1,800, managed by multiple leading international operators.
The agreement was executed in the presence of Hassana Regional CIO Mr. Ahmed Alqahtani, Mr. Khalid Al Ghamdi, CEO of anb capital, and Mr. Salama Bin Saedan, the Chairman of the ANBC Business Gate Fund.
Mr. Alqahtani commended the team for their unwavering commitment to advancing the deal. He underscored that the investment in Business Gate showcases Hassana's steadfast dedication to acquiring high-quality real estate assets across diverse segments. "Business Gate enriches and expands our already impressive portfolio of commercial and office parks, which currently includes Digital City and Granada Business Park."
Mr. Salama Bin Saedan said, “The decision to sell these assets was made after careful consideration and strategic planning, ensuring that it aligns with our long-term objectives. We believe these assets will be a great addition to the pension pool of Saudi nationals. We look forward to witnessing the continued success and development of these assets under the stewardship of Hassana, benefiting the broader community, and supporting sustainable growth.”
Mr. Al Ghamdi expressed his enthusiasm about the transaction, stating, “We set up the fund in 2015 with a total size of SAR 1,700 Mn, with the clear objective of developing an iconic landmark for Riyadh. We enhanced and revamped the office space and engaged a reputed developer to complete the hotel. Now, Business Gate, with its grade A offices and one of the city’s premier luxury hotels, embodies the future direction of Riyadh. Every new visitor flying into Riyadh marks their entry into the city by passing this remarkable development. We are very happy to have handed over such a strong asset to General Organization for Social Insurance and Hassana, and we extend our best wishes to them for continued success.