Riyadh – Mubasher: Alandalus Property Company has purchased an office tower in Riyadh from Inma Alasima for Real Estate Development at a value of SAR 190 million.
Located in the Al Yasmeen neighborhood on Olaya Road, the tower consists of 14 floors, with a land area of 3,480 square metres, according to a bourse filing.
The transaction aligns with the listed company’s expansion plans to widen its activities and increase revenues.
Alandalus Property expected the agreement will reflect positively on its financial results, starting from the fourth quarter (Q4) of 2023.
It is worth highlighting that the Saudi firm concluded the purchase deal on 3 September 2023 through its own resources and bank facility.
Last month, Alandalus Property obtained a SAR 143.10 million loan from Saudi Awwal Bank (SAB) to finance new projects and scale up its investments.
In the first six months (6M) of 2023, the company recorded a 26.50% year-on-year (YoY) drop in net profit after Zakat and tax to SAR 25.91 million, compared to SAR 35.25 million.
