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Arriyadh Development Co. (ARDCO) received a letter, dated March 18, from Adeer Real Estate Co., the exclusive marketing agent of Tenal for Investment and Real Estate Development – an associate firm, it said in a bourse statement.

 

The letter stated that Adeer signed contracts to sell parts of the Tenal scheme, representing 357,533 square meters (sqm) with a total value of SAR 576.01 million, in addition to the buyer's bearing of the real estate disposal tax.

 

Adeer will start the evacuation procedures as of next week. Share of ARDCO from the sales amounted to 69.38%.

 

The company will realize total profits from these sales, estimated at SAR 180 million, which will be reflected on Q1 and Q2 2021 financials, the statement added.

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