Roshn, a leading Saudi real estate developer powered by Public Investment Fund (PIF), has expanded its footprint in the capital by acquiring Riyadh Front’s shopping and business areas, located adjacent to its flagship development, Sedra. 

 

The purchase of existing commercial and retail space from Riyadh Front Company is a first for Roshn, and the latest step in its journey to becoming the region’s biggest multi-asset class real estate developer. 

 

"As a national developer with a long-term vision, we see a unique opportunity to integrate the world class commercial and retail real estate of Riyadh Front with our groundbreaking Sedra community, providing residents with improved access to amenities, exclusive promotions, rewards programmes and e-commerce options. The potential synergies are immense," said its Group CEO David Grover. 

 

To ensure best-in-class service levels to tenants and visitors to Riyadh Front, Roshn has struck a property management agreement with its original developer, Kaden Investment. 

 

Riyadh Front was opened by Kaden in 2019, and since then it has become a key attraction in Riyadh’s commercial and retail landscape. 

 

Riyadh Shopping Front is a mixed-use lifestyle mall of 80,000 sq m that includes a diverse range of tenants such as Vox Cinemas, Magic Planet, Urrth Café, Huawei, Alfa Foods, Amazon and IWG Spaces. 

 

It receives over 10 million visitors annually. Riyadh Business Front is a gated corporate campus of approximately 80,000 sq m, with a rent roll of blue-chip tenants that includes KPMG, Deloitte, Servcorp, SEVEN, Monshaat, Noon, SNC Lavalin, and STC. 

 

Located adjacent to the shopping area, Business Front features world-class modal workspaces, 1 km of walking promenade and green spaces, and state-of-the-art facilities such as a fitness centre, 4-star hotel and meeting rooms, conference halls, and a nursery. 

 

According to Roshn, the mixed-use assets of Riyadh Front will complement the array of amenities being developed by the group at its adjoining Sedra community, which will bring 30,000 new homes to the market when its eight phases of development are complete.-TradeArabia News Service