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Banan Real Estate Co. Announces Purchase Furnished residential units in the value of 15,050,000Riyals


Element List Explanation
Introduction Banan Real Estate Company announces the completion of all the legal procedures related to the purchase of a furnished apartment building, which is located in the city of Riyadh, ALSulimaniyah district, on Prince Fahd bin Saad Street. The transfer of ownership of the property to the company has been completed, and the purchase value is fifteen million and fifty thousand Saudi Riyals. (15,050,000 SR).
Transaction Details Furnished residential units building, 49 rooms, building area 2000 square meters, building surface area 3126 square meters. The expected revenues 1,500,000 SR
Transaction Value 15,050,000Riyals
Transaction Terms None
Parties of the Transaction Banan Real Estate Company and Morina for Development and Investment Company
Transaction Funding Method Part of the deal was financed with a value of Ten Million Riyals (10,000,000 SR )from the facilities granted to the company by Riyadh Bank, and an amount of Five Million and Fifty Thousand Riyals (5,050,000 SR ) from the current flows of the company.
Transaction Execution Date 2021-10-05 Corresponding to 1443-02-28
Description of the Business of the Asset forming the Subject Matter of the Transaction Furnished residential units
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, it will achieve growth in promising sectors such as the hospitality sector, and financially it will lead to an increase in revenues in the first quarter of 2022.
Related Parties None