Banan renews contract with Riyadh Schools for SAR 17.5M

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Banan Real Estate Co. renewed today, Dec. 13, a five-year lease for the entire residential building, which is wholly owned by it, in Hittin, Riyadh, with Riyadh Schools for Boys and Girls Education. 

 

The contract is valued at SAR 17.5 million, with an annual rent of SAR 3.5 million paid in one payment every Hijri year, the company said in a statement to Tadawul. 

 

The annual rental increase is 35% compared to the previous year. 

 

The rental period will start on Jan. 27, 2024, and end on Dec. 1, 2028. 

 

The company expects a positive financial impact of the contract to reflect on its revenues and results starting from the second quarter of 2024. 

 

There are no related parties to the contract, the statement added. 

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