Logo of Saudi Real Estate Co. (Al Akaria)
Saudi Real Estate Co. (Al Akaria) purchased undeveloped land plot in east Riyadh at a total value of SAR 727.09 million, or SAR 380/ square meter, excluding the real estate transaction tax and broker's commission, according to a bourse filing.
The seller is Ofoq Al-Qadisiyah Real Estate Co. and the deal will be complete upon the full payment of the land value, the statement added.
The agreement included no related parties.
The deal will be financed from the company’s internal recourses in addition to a bridge loan from a local bank.
The 1.91 million square meters (sqm) land plot will be developed and sold later to be utilized in real estate projects, which will boost the company’s operating revenue as well as assets.
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