Arriyadh Development buys office tower in Riyadh for SR168 mln, expects annual return of about SR14 mln

Arriyadh Development Company announced on Thursday the acquisition of an office building on King Fahad Road in Riyadh City. Transaction Value is SR 168 million.
It added that Office building (2 Basements + G + M + 12 floors) with total Net Leasable Area of c. 10,500 sqm on King Fahad Road (Al Malga Area) North of Riyadh City.
According to the reconstruction statement published on Tadawul, the method of financing the transaction will be through the cash available in the company’s accounts, and emptying is required on Thursday 10-2022.