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Logo of Thimar Development Holding Co.
Thimar Development Holding Co. announced the completion of the sale of a property it owns in Riyadh to Masaken Al Reef Real Estate Development Co., for a total value of about SAR 8.30 million, inclusive of the real estate transaction tax.
In a statement on Tadawul, the company said that the property was sold through a public auction. It consists of a plot of land located in Riyadh’s first Industrial City, with an area of 4,982 square meters, on which several old, unused warehouses are built.
The company added that the book value of the land was approximately SAR 7.10 million as of Sept. 30, 2025, noting that the sale was completed because the property had not been utilized for several years.
It further explained that during the past period, the current management had previously explored multiple investment options for the property, seeking investor lease or partnership by an in-kind share, with the aim of maximizing returns from the real estate asset.
However, due to the lack of suitable investment opportunities that could achieve the desired returns, the company decided to sell the property and reinvest the proceeds in a way that better serves its interests.
The deal was signed on Oct. 7, 2025, and the company expects the transaction to have a positive impact on its financial results during Q4 2025.
The proceeds from the sale will be used to implement the company’s strategic plans, settle its liabilities, and continue executing its financial restructuring plan.
The company clarified that there are no related parties involved in the transaction.
The property represents approximately 7.5% of the company’s total assets, based on its annual financial statements for December 2024.
According to Argaam calculations, the capital gain from the sale amounts to SAR 1.2 million.
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