Alandalus buys office tower in Riyadh for SAR 190 mln

Logo of Alandalus Property Co.

Alandalus Property Co. purchased an office tower in Riyadh for SAR 190 million (not including the real estate disposals tax and commission fees) from Inma Alasima for Real Estate Development, according to a statement on Tadawul. 

The tower is located in Al-Yasmeen neighborhood on Olaya Road, and consists of 14 floors, with a land area of 3,480 square meters, rental area of 9,834 square meters and 318 parking spaces.

The step comes within the expansion plans in the company's activities for increasing the revenues, and will be financed through the company's own resources and bank facility, the statement added.

The financial impact of this deal is expected to be generally positive on the company's results, starting from Q4 2023.

No related parties are included in the deal.