Arabian Centres will pay SAR 1.066 billion annually to rent and invest in the vacant land, according to the company's disclosure to the Saudi Stock Exchange (Tadawul) on Monday.
Under the agreement, the company will construct an outdoor shopping centre under the name 'Boulevard U Walk', with development expected to start during the current fiscal year.
The project is the second shopping centre in the company's portfolio in Al-Madinah Al-Munawwarah and is forecast to add around 57,000 square metres to its gross leasable areas (GLA).
The financial impact of the agreement will be registered on Arabian Centres' financial statements from the third quarter (Q3) of fiscal year 2021 ending 31 December 2020.
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