Adeer signs SAR 23M contract with SEDCO Capital

Adeer says the brokerage commission is payable in the form of in-kind units in the fund at the establishment price

Adeer Real Estate Co. signed a contract, on Feb. 5, with SEDCO Capital to provide brokerage services for the acquisition of a land plot in Riyadh with an area of 115,100 square meters for a fund managed by SEDCO Capital.

In a statement to Tadawul, Adeer said the company is entitled to a brokerage commission of SAR 23.02 million, payable in the form of in-kind units in the fund at the establishment price.

There are no related parties involved in the deal.

The contractual term is 90 days, commencing on the date of signing.

Adeer expects the contract to have a positive impact from the date the in-kind units are registered in the fund.