Taiba Investment Company announced the signing of a contract for the purchase of a commercial center in the city of Riyadh, which is built on a land area of 16,517 square meters, located on King Abdullah Road – Al-Hamra District.
The company said in a statement posted on the Saudi “Tadawul” group website, that the value of the deal is 220 million riyals, excluding the value of tax or any other commissions.
It stated that the parties to the deal are the Mohammed Ibrahim Al-Subaie and Sons Investment Company “Mask Company”.
The deal will be self-financing by “Tiba” in addition to the credit facilities granted by the financing agencies.
The commercial center is a building consisting of three floors, a ground floor for shops and parking lots, with a mezzanine for the ground floor units, and the first floor and the second floor are office units and services.
The deal will enhance the company’s investments by purchasing income-generating assets with good returns that benefit shareholders.
The financial impact of this deal will be reflected by an increase in the item (investment real estate) in the consolidated statement of financial position for the second quarter of 2022 AD, while this effect will be reflected on the income statement by an increase in the real estate sector revenues by the value of the period due to the leased units in the center.
