Ishraqh Regional Real Estate Development and Investment Company, owned by Al Baha Investment and Development Company, has purchased a commercial complex, showrooms, and offices for SAR 65 million, excluding real estate tax.
The acquired asset is located on a land plot of 13,847 square metres, while the purchase deal was concluded on 28 November, according to a bourse filing.
Elegant Centers Company Limited, a unit of Al Baha Investment and owns 100% of Ishraqh Regional Real Estate, has obtained a Sharia-aligned banking facility to fund the transaction.
Meanwhile, the proceeds of the capital increase of Al Baha Investment were also used to fund the purchase deal, which aims to diversify investments and grow the group’s real estate portfolio.
It is worth noting that Elegant Centers has signed a lease agreement amounting to SAR 27.05 million with Saudi Modern Factory Company this November, which followed the purchase of an industrial land plot in Riyadh for SAR 24 million.
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