Adeer signs SAR 11.4M deal with Sumou Global

Logo of Adeer Real Estate Co.

Adeer Real Estate Co. signed today, July 10, an agreement with Sumou Global Investment Co., under which the former will participate with an investment stake in the latter's ownership of a land located in Riyadh.

The land is part of master plan No. 3969, situated in eastern Riyadh, spanning an area exceeding three million square meters, the company said in a Tadawul filing.

For more news on listed companies

Following a feasibility study and agreement on the contractual terms, both parties agreed that Adeer will contribute an investment share of SAR 11.38 million in the project, in exchange for full payment of the investment amount upon signing this deal.

The participation is expected to have a positive impact on Adeer's results after the commencement of sales in the project, the company said, adding that there are no related parties to the deal.

The step is part of the company’s strategy to grow its investments and strengthen strategic partnerships, contributing to the achievement of rewarding returns for its shareholders.