Banan Real Estate renews SAR 62 mln office building lease with Mobily

08/11/2023 Argaam
Logo ofBanan Real Estate Co.

Logo of Banan Real Estate Co.

Banan Real Estate Co. renewed the lease contract with Etihad Etisalat Co. (Mobily) for the entire Al-Oval office building in the Olaya district of Riyadh for SAR 62.02 million, including value-added tax (VAT). 

 

The contract was signed on Nov. 7 and has a five-year duration, Banan said in a statement to Tadawul.  

 

The company anticipates a positive financial impact from this contract on its revenues and results, beginning from the fourth quarter of 2023. 

 

The annual rent is SAR 12.4 million, payable in a single installment each hijri year. The lease period commences on Rabi Al-Thani 26, 1445H, corresponding to Nov. 10, 2023, and concludes on Rabi Al-Thani 25, 1450H (Sept. 15, 2028). 

                                                                                                                            

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

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.