Banan Real Estate completes legal procedures for SAR 73.1 mln acquisition of Riyadh commercial building

21/12/2021 Argaam

Logo of Banan Real Estate

Banan Real Estate Co. announced the completion of all legal procedures related to the acquisition of a commercial building located in Qurtoba district in Riyadh.

 

The company said in a bourse statement that the transfer of ownership of the property in the favor of the company has been completed and the acquisition value is SAR 73.1 million.

 

The company expects the impact of the acquisition to be positive and will lead to an increase in revenues starting from Q1 2022.

 

According to data compiled by Argaam, Banan Real Estate signed a contract to acquire a commercial building (Plaza 46) in Qurtoba district, Riyadh, for SAR 73.1 million.

 

The total land area is 6,400 square meters (sqm) while the total rental area is 5,200 sqm with annual income of SAR 6 million.

 

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