2P purchases property in Riyadh for SAR 83M

2P says purchase will be financed through long-term bank facilities

Perfect Presentation for Commercial Services Co. (2P) purchased on Dec. 3 a property in Riyadh with an area of 3,005.14 square meters for SAR 83 million, excluding real estate transaction tax and brokerage fee.

In a statement to Tadawul, the company pointed out the deal would be financed through long-term bank facilities worth SAR 83 million.

In light of its business expansion and the growth in current and expected contracts, and based on cost calculations and real estate market data, the results showed that purchasing the property was a more sustainable and profitable option compared to leasing.

The deal meets the company’s operational needs more effectively and contributes to improving long-term asset management efficiency, 2P noted.

The company clarified that the asset is an operational commercial building acquired from Faisal Abdullah Saad Al-Ammar.

The company expects an increase in non-current assets and an expansion in business activities.

There are no related parties involved, it added.