I Squared Capital and Saudi Tabreed Join Bid for Riyadh KAFD Cooling Assets

U.S. infrastructure investor I Squared Capital has joined Saudi Tabreed in a bid for the district cooling assets of Riyadh’s King Abdullah Financial District, according to Reuters, after the two firms had initially submitted separate offers. The assets were previously reported to be on sale for more than $500 million, reflecting growing investor interest in district cooling infrastructure in Saudi Arabia. The deal matters because KAFD is a major Riyadh business hub, and any sale would affect the operator of cooling systems that serve its offices, homes and other facilities.