Banan Real Estate Co. Announces Contract renewal with Riyadh schools for boys and girls education

Element List	Explanation
Introduction	Banan Real Estate Company announces the renewal of the contract for the residential building in the Hittin district in the city of Riyadh For a period of five years hijri with Riyadh schools for boys and girls education
Date of Announcement of the Award	2023-12-13 Corresponding to 1445-05-29
Contract Subject Matter	Renewing the lease contract for an entire residential building in the Hittin district in Riyadh, with an increase in the annual rent value by 35% over the previous period.
Date of Signing the Contract	2023-12-13 Corresponding to 1445-05-29
Contract Value	17,500,000 Riyals.
Contract Details	Renting the entire residential building in the Hittin district in Riyadh, which is fully owned by Banan Real Estate Company. The total contract value is 17,500,000 riyals. With an annual rent of 3,500,000 riyals. It is paid in one payment every Hijri year. The rental period begins on 07/15/1445H, corresponding to 01/27/2024, and ends on 07/14/1450H, corresponding to 01/12/2028.
Contract Duration	5 Hijri years.
Financial Impact and the Relevant Period	It is expected that this contract will have a positive financial impact on the company’s revenues and results starting from the first quarter of the fiscal year 2024.
Related Parties	None.

News