“Tameer” buys a land for SAR 847m and secures SAR 450m credit from Alinma bank

17/12/2014 Argaam

Arriyadh Development Company (Tameer) said that its board of directors approved today the purchase of a raw land in north eastern Riyadh at a total cost of SAR 846.6m.
 

The land has a total area of 3 million sq m and the price per meter is SAR 332.


Tameer bought 85% of the land while the remaining 15% was bought by Adeer Real Estate Company which is owned by a board member (related party).


According to the deal; Adeer Co. is to purchase at least 35% of the land at SAR 382 per meter before December 1st, 2015.


The company said that 53% of the deal will be financed by an Islamic credit obtained from Alinma bank amounting to SAR 450m while the remaining amount will be financed from the company’s internal resources.


The credit has a term of 5 years and is covered by a mortgage of the purchased land.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Most Read