Chicago firm to develop Saudi project

Capri Capital Partners has partnered with Emaar to invest in a $2bn commercial and residential development project in the new King Abdullah Economic City, which once complete, will become the third largest city in Saudi Arabia.

Capri Capital Partners will become the first international real estate investment firm to develop a mixed-use commercial and residential project in the central business district of a new city being built in Saudi Arabia, King Abdullah Economic City. When complete, the city will be the third largest city and biggest seaport in Saudi Arabia.

The $2 billion (€1.3 billion) development project will feature two luxury full-service five-star hotels, a convention/conference center and hotel, two class-A office towers, an enclosed retail center and two residential condominium towers.

Architect Ricardo Bofill of Taller de Arquitectura of Spain will design the project on behalf of the partnership. Prime Group, an international development firm based in Chicago, will act as lead developer.

“Capri will invest, oversee development, and own this major real estate project as we partner with Emaar and the Kingdom of Saudi Arabia,” said Quintin Primo, chairman and CEO of Capri Capital Partners, in a statement.

Capri Capital Partners has been investing and managing commercial real estate properties and portfolios since 1992. In 2000, Capri combined its institutional advisory business with Chicago-based Capital Associates Group, a real estate pension fund advisor then with more than $1 billion in assets under management.