Al-Baha subsidiary buys SAR 65 mln commercial complex in Riyadh

28/11/2022 Argaam

Al-Baha subsidiary buys SAR 65 mln commercial complex in Riyadh

Logo of Al-Baha Investment and Development Co.

Al-Baha Investment and Development Co. announced that one of its subsidiaries, Ishraqah Regional Development & Real Estate Investment Co. a one-person company that is 100% owned by Elegant Centers Co. Ltd., acquired a commercial complex, showrooms, and offices in Riyadh at a value of SAR 65 million, excluding real estate transaction tax, the company said in a statement to Tadawul.

 
The deal will be financed through a Sharia-compliant bank loan for Elegant Centers Co., as well as from the proceeds of the capital increase of Al-Baha Investment.
 
The complex is located on commercial land of 13,847.9 square meters.
 
The deal was signed today, Nov. 28, with the sellers: Abdullah Muslim and Dawood Al-Sabti.
 
There are no related parties.
 
Al-Baha indicated that the deal aims to diversify its investments and increase the group's real estate portfolio.
 

The expected impact will have a rise in investment real estate with non-current assets, the statement noted.

 

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