The acquired assets comprised 86 residential units, representing all residential units located in the Mid-Rise component of the Ajdan Waterfront Project Tower in Al Khobar, acquired from Al Oula Real Estate Development Company, as well as three hotels, namely the DoubleTree by Hilton Hotel in Riyadh, the Radisson Blu Hotel in Jeddah Corniche, and the Holiday Inn Gateway Hotel in Jeddah, acquired from Al Hokair Holding Group Co.
 
The transaction featured an innovative structure designed to accommodate two acquisitions within a single capital increase, with an optionality to approve either a single transaction or both of them.

Congratulations to our client on closing this significant and strategic transaction.
 
The AS&H Clifford Chance team was led by Partner and Head of Capital Markets Mansoor Alhagbani, Partner Rakan Kawar, Senior Associates Saud Alshidadi, Abdulaziz AlAbduljabbar, Associate Hakam Al Shawwa, and Junior Associate Zyad Alabduljabbar.

Our firm continues to be recognised for its leading position in the Saudi market, with our corporate, M&A and capital markets practices being ranked as Band 1 across all major legal directories, such as Chambers, Legal 500 and ILFR.