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Arriyadh Development Co. — Capital/Financing Update 2022
Oct 20, 2022
53402_rns_2022-10-20_74efe01c-7143-4f51-8e7c-cde9f3b9c316.html
Capital/Financing Update
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Arriyadh Development Company announces the acquisition of a real estate Asset
4150 · 20/10/2022 09:31:50 · Announcement #70576 · View on Saudi Exchange
Arriyadh Development Company announces the acquisition of a real estate Asset
| Element List | Explanation |
|---|---|
| Introduction | Arriyadh Development Company announces the acquisition of an office building on King Fahad Road in Riyadh City |
| Transaction Details | Acquisition of an office building located in Al Malga Area North of Riyadh City |
| Transaction Value | SAR 168 million (excluding land registration tax) |
| Transaction Terms | Land transfer on 20 October 2022 |
| Parties of the Transaction | Arriyadh Development Company and Burj Al Balad Company |
| Transaction Funding Method | Available cash in the company's account |
| Transaction Execution Date | 2022-10-19 Corresponding to 1444-03-23 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | Office building (2 Basements + G + M + 12 floors) with total Net Leasable Area of c. 10,500 sqm on King Fahad Road (Al Malga Area) North of Riyadh City |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | Not Applicable |
| Transaction reasons | Yield producing asset to enhance the company's yielding assets |
| Expected Impact of the Transaction on the Company and Its Operations | Annual revenue expected between SAR 12 - 14.3 million |
| Related Parties | Not Applicable |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.