Alkhorayef Water buys new headquarters building in Riyadh for SAR 86.25 mln

Alkhorayef Water and Power Technologies Co. (AWPT)

Alkhorayef Water and Power Technologies Co. (AWPT) announced that it purchased on Nov. 10 a new building in Riyadh, at a total value of SAR 86.25 million, to be used as headquarters and to fulfill the company’s future needs, according to a filing to Tadawul.

The other party of the deal is Inma Alasima for Real Estate Development Establishment. The building, which is located in Al-Sahafa District, Olaya street, Riyadh, spans 1,800 square meters (sqm) and consists of 10 floors.

The deal included no special terms and will be financed from bank facilities from Saudi Investment Bank (SAIB).

The financial impact of this transaction will be reflected via the increase of the non-current assets in financial statements ending on Dec. 31, 2022.

The deal included no related parties, and the company will duly announce any future developments in this regard, the statement added.

AWPT signed, on Oct. 2, a building lease contract with Inma Alasima for SAR 41.69 million, including value-added tax (VAT). The contract included renting new building in Scheme No. 2413, Al-Sahafa District, Riyadh, to be used as the headquarters of the company for five years starting from April 1, 2023.

It also announced that it reached, on Oct. 18, an agreement with Inma Alasima to terminate the building lease contract.