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Banan Real Estate Co. Announces Purchase commercial building in the value of 73,100,000 Riyals
04/04/2023
| Element List | Explanation |
|---|---|
| Introduction | Banan Real Estate Company is pleased to announce the signing of a contract for the purchase of a commercial building (Plaza 46) in the Qurtoba district of Riyadh |
| Transaction Details | Banan Real Estate Company is pleased to announce the signing of a contract for the purchase of a commercial building (Plaza 46) in the Qurtoba district of Riyadh, located on plots No. (55-56-57-58-68-69-70-71) of scheme No. 2703 The land area is 6400 square meters. The rental area is 5200 square meters. Annual income is 6 million riyals |
| Transaction Value | 73,100,000 Riyals |
| Transaction Terms | None |
| Parties of the Transaction | Banan Real Estate Company and the owners of the property |
| Transaction Funding Method | Part of the deal was financed with a value of (36,000,000) thirty-six million riyals from the facilities granted to the company by Arab National Bank . and an amount of (26,565,000) twenty-six million five hundred and sixty-five riyals from the facilities granted by Riyad Bank. The rest of the amount was financed from the cash flows available in the company |
| Transaction Execution Date | 2021-12-15 Corresponding to 1443-05-11 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | commercial building |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | None |
| Transaction reasons | Increase the company's real estate portfolio |
| Expected Impact of the Transaction on the Company and Its Operations | The impact of this acquisition will be positive and will lead to an increase in revenues starting from the first quarter of 2022 AD |
| Related Parties | None |
| Additional Information | It is expected that the administrative and legal procedures for the transfer of ownership of the property to the statutory authorities will be completed within 15 days from the date of this announcement. |
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