Al-Baha Subsidiary buys industrial land in Riyadh for SR24 mln

Al-Baha Investment and Development Company announced on Thursday of the company that its subsidiary (elegant Centres Company Ltd.) has purchased a land on which an administrative building and a warehouse have been built in the city of Riyadh in the industrial area. The transaction value is SR24,000,000, not including real estate tax.
The transaction details is represented in buying an industrial land in Riyadh with an area of 25,058.37 square meters, on which a building consisting of three administrative floors with areas of 4,500 square meters and a warehouse built on an area of 16,000 square meters.
The company stated that the reasons for the deal are to diversify the company’s investments and increase its real estate portfolio for the group, and it expects from this deal to increase investment real estate with non-current assets.
According to the company’s statement published on “Tadawul”, the method of financing the deal was through the proceeds of the capital increase, and this deal is also required to rent the site.
The parties of the transaction: Seller:
1- Saudi Modern Factory Company.
2- Abdullah bin Abdulaziz Al-Shaya.
Buyer:
elegant Centres Co. Ltd. – (subsidiary)