Enma AlRawabi signs 25-yr lease for educational complex at SAR 1B

06/03/2024 Argaam
Logo ofEnma AlRawabi Co.

Logo of Enma AlRawabi Co.

Enma AlRawabi Co. signed a 25-year lease contract with the Riyadh Schools Holding Co. for an educational complex located in the Hittin district, Riyadh, at a total value of SAR 1 billion (VAT inclusive).

 

The annual rent for the first year will be SAR 29.33 million (including VAT), followed by annual increments on future payments, the company said in a statement to Tadawul.

 

The contract is in accordance with the terms and conditions agreed upon between the two parties in the lease. Accordingly, Enma AlRawabi is committed to prepare the property as requested by the tenant to be used as an educational complex.

 

The transaction is intended to optimize the use of the property by optimizing the real estate portfolio of the company, the Saudi-listed firm added.

 

The deal is expected to increase the utilization of the property, which will positively affect the rental income of the property. Meanwhile, the contract is expected to have a positive financial impact on the company’s revenues and results of 2024, the statement added.

 

No related parties are included in the deal.

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