Sadr Logistics buys SAR 27.2 mln land in Riyadh’s Industrial Gate City

Logo of Sadr Logistics Co.

Sadr Logistics Co. purchased today, Jan. 30, a land plot in the Industrial Gate City of Riyadh under the supervision of the Saudi Authority for Industrial Cities and Technology Zones (MODON), at a total value of SAR 27.192 million.

The land, which spans 39.99 million square meters, consists of 10 contiguous plots in the Industrial Gate City.

The land value will be paid in cash to the Masheed Arabia Co. (the seller), Sadr said in a statement to Tadawul, noting that the deal was financed by the capital increase proceeds.

Sadr bought the land to build logistic warehouses and provide warehousing services to its customers. The deal came within the framework of the company's plan to use the capital increase proceeds, implement its strategic and operational plans, and support the expansion of logistics services, according to Sadr’s prospectus.

The financial impact of the land purchase and new logistics warehouses is expected to increase the logistics segment’s revenue and profit from when the project is finalized, as shown in the prospectus.

There are no related parties to the deal, Sadr concluded.