Alandalus Signs SAR 114.3 Million Lease Contract with Expenditure & Projects Efficiency Authority

Alandalus Property Co. has confirmed the signing of a lease contract with the Expenditure & Projects Efficiency Authority for the Yasmine Alandalus office building located in the Yasmine neighborhood of Riyadh. The building, fully owned by Alandalus Property Co., will be leased for a total of 114,330,758 Saudi riyals, including VAT tax. The annual rent, which amounts to 22,866,151.50 Saudi riyals, is paid in full at the beginning of each rental year.

This lease agreement spans a period of five Gregorian years, with the option for renewal. Rent payments commence after a four-month grace period following the signing of the handover minutes.

Alandalus Property Co. anticipates a positive financial impact on its overall results, with this impact expected to be reflected during the third quarter of 2024.

Parties involved in the transaction:

1. Alandalus Property Co. (The lessor)

2. Expenditure & Projects Efficiency Authority (The tenant)