Al-Riyada Finance & Investment Co. Exit investment from Divonne Restaurants Project
Al-Riyada Finance & Investment Company announced recently the completion of the sale transaction of a major real estate investment represented in “Divonne” Restaurants Project, located at the State of Kuwait Abu-Al-Hasania area – Fahaheel Highway. The exit value amounted KD 10 Million, realizing total returns on investment (40%) for the company and its clients. Bearing in mind that the investment period approximated 3 years and profits will be included in the 2013 financial results.
Mr. Muhanad Al-Sane - Chairman & Managing Director, stated that “Al-Riyada” Company has focused after inception in 2008 on investing in development projects with innovative ideas, well studied and controlled exit strategies. This exit deal with the company’s strategy to provide investment opportunities with well studied risks and high returns in the local market, thus aiming to increase returns on its investments and observe the best interests of its clients.
Al-Sane emphasized that Divonne “Restaurants Project” comes as a completion of the first stage incarnated in the project “The Village” Restaurants. Divonne project comprises 3 floors covering an area of 4699 sm. designed originally to highlight the European style and design. The project comprises 24 restaurants/cafés & parking lot sufficient to accommodate 100 cars. The building was fully leased to various high class reputable restaurants and cafés in the market such as Starbucks Café, Nino s Restaurant, Johnny Rockets Restaurant, Second Cup Café, IHOP Restaurant & Big Smoke Burger.