King & Spalding Advised Saudi Fransi Capital On USD 1.1 Billion King Salman Park Fund
King & Spalding has advised Saudi Fransi Capital on the establishment of the King Salman Park Real Estate Development Fund
King & Spalding Advised Saudi Fransi Capital On USD 1.1 Billion King Salman Park Fund
It will spearhead the development of a mixed-use project within the sprawling area in Riyadh, Saudi Arabia
King & Spalding has advised Saudi Fransi Capital on the establishment of the King Salman Park Real Estate Development Fund.
The innovative fund is slated to develop the inaugural real estate investment site within King Salman Park, encompassing a vast area exceeding 290,000 square meters.
With a staggering total valuation of around USD 1.1 billion (SAR 4 billion), the monumental venture will encompass over 1,500 residential units, featuring a mix of apartments and townhouses offering scenic views of the park.
Additionally, it will cover 140,000 square meters of gross leasable areas, accommodating offices, retail spaces, hotels, schools, and an array of educational, health, sports, recreational, and social facilities.
Unveiled on 19 March 2019, the King Salman Park stands as one of Riyadh’s ambitious giga projects. It aims to become the largest urban park globally, increasing Riyadh’s per capita green space by a staggering 16-fold and boasting a plantation of over 7.5 million trees throughout the city.
The groundbreaking fund operates under the regulatory purview of the Saudi Arabian Capital Market Authority (CMA) and represents the maiden public-private partnership fund launched within the regulatory framework, incorporating an inventive financial and operational structure.
The fund’s management falls under the purview of Saudi Fransi Capital, a prominent financial institution in Saudi Arabia and a subsidiary of Banque Saudi Fransi.
King & Spalding’s counsel on this transformative project underscores the firm’s commitment to innovative investment strategies in the region.
The law firm’s team included Managing Partner, Middle East Offices – Nabil Issa, partner James Stull, partner Zaid Al–Farisi, counsel Oliver Swerdlow, and senior associates Sayf Shuqair and Husam Alhmary.
King Salman Park Company for Investment and Real Estate Development acted as the master developer for the project and Naif Al Rajhi Investment Company acted as the real estate developer.