Banan Real Estate signs SAR 10 mln lease contract for its furnished apartment building

01/12/2021 Argaam

Logo of Banan Real Estate Co.

Banan Real Estate Co. signed today, Dec. 1, a full lease contract for one of its properties, a furnished apartment building, in Al Sulaymaniyah with a total value of SAR 10 million with the International for Hospitality Services Co., the company said in a filing to Tadawul.

 

The five-year contract begins on Jan. 1, 2022 and ends on Dec. 31, 2026.

 

Payment will be made at an annual lease of SAR 2 million in two installments (SAR 1 million every six months).

 

The contract is expected to have a positive financial impact on Banan’s revenues and results, starting from the first quarter of 2022.

 

The International for Hospitality Services Co. is a related party, the statement noted.

 

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