DUBAI: Real estate investment trust Riyad REIT has invested SR92.5 million ($24.66 million) in an office building in California, according to a bourse statement on Sunday.
The building in Irvine, part of the Los Angeles metropolitan area, is located on a 32,000 square meter site, part of the Broadcom Corporate Campus located next to the Irvine Spectrum Center, a popular retail and dining destination.
The investment is forecast to offer an 8 percent annual return on investment over five years. The building is located close to popular Californian locations such as Disneyland and Laguna Beach.
