Banan Real Estate renews SAR 62 mln office building lease with Mobily

08/11/2023 Argaam

Banan Real Estate secures SAR 62 mln lease renewal with Mobily for Al-oval building

Logo of Banan Real Estate Co.

Banan Real Estate Co. renewed the lease contract with Etihad Etisalat Co. (Mobily) for the entire Al-Oval office building in the Olaya district of Riyadh for SAR 62.02 million, including value-added tax (VAT). 

 

The contract was signed on Nov. 7 and has a five-year duration, Banan said in a statement to Tadawul.  

 

The company anticipates a positive financial impact from this contract on its revenues and results, beginning from the fourth quarter of 2023. 

 

The annual rent is SAR 12.4 million, payable in a single installment each hijri year. The lease period commences on Rabi Al-Thani 26, 1445H, corresponding to Nov. 10, 2023, and concludes on Rabi Al-Thani 25, 1450H (Sept. 15, 2028). 

                                                                                                                            

There are no related parties to the contract, the statement added. 

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