Signworld leases Sudair City building as is, tenant to undertake MEP works

Logo of Signworld

National Signage Industrial Co. (Signworld) obtained, on Nov. 4, the signatures of its board of directors on the lease agreement with Leyard Middle East Co. to rent its industrial building located in Sudair Industrial City in Riyadh.

In a statement to Tadawul, the company said that the tenant will take possession of the factory in its current condition and will be responsible for adding all mechanical, electrical, and plumbing (MEP) works as well as additional interior finishing, without any financial obligations on the landlord.

The deal is expected to provide a steady source of income that strengthens the company's financial position, amounting to SAR 700,000 for the first five years and SAR 900,000 annually during the following five years, the statement added.

According to data available on Argaam, Signworld recently signed a lease agreement with Leyard Middle East to rent its industrial building located in Sudair Industrial City, for SAR 8 million.