Horizon Educational receives SAR 21.1M lease deal from Tatweer

Logo of Horizon Educational Co.

Horizon Educational Co. said it received a lease contract award notice from Tatweer Buildings Co. (TBC) for a site in Al Suwaidi district, Riyadh to invest in establishing and operating an educational complex under the name Horizon International Schools, with an annual rental value of SAR 739,000.

According to a statement to Tadawul, the annual rent will increase by 10% every five contractual years, with the total rental value over the contract term reaching SAR 21.08 million, excluding VAT.

The company added that it will lease a 6,188.59 square meter plot in Al Suwaidi district to establish and operate the educational complex for a period of 25 years from the contract signing date, including a two-year grace period with no rental payments.

The project aligns with the company’s strategy to expand and grow its student base in order to achieve growth and targeted returns.

Horizon Educational noted that it will announce any material developments related to the lease agreement and project in due course.