July 6, 2015 / 1:55 PM / 2 years ago

Saudi Real Estate Co and Alinma Investment buy 1.8 bln riyals of land

DUBAI, July 6 (Reuters) - Saudi Real Estate Co signed an agreement with Alinma Investment, a unit of Alinma Bank, to jointly buy 1.8 billion riyals ($480 million) of land in Riyadh, it said in a statement on Monday.

The company did not name the seller of the land, which spanned 4.5 million square metres.

The investment will be financed through a real estate fund to be managed by Alinma Investment after licencing and regulatory approval has been given by the Saudi Arabian Capital Market Authority.

The land will be used for property projects, it said. ($1 = 3.7500 riyals) (Reporting By Hadeel Al Sayegh; Writing by Tom Arnold; Editing by David French)

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