Saudi Arabia’s Banan Real Estate Co. has signed a contract worth 73.1 million riyals ($20 million) to acquire commercial building Plaza 46 in Riyadh. 

The building in Qurtoba district will yield an income of 6 million riyals per year, the company said in a statement to the Saudi Stock Exchange (Tadawul). 

The statement said part of the deal was financed by facilities of 36 million riyals from Arab National Bank and 26.565 million riyals from Riyad Bank, with the remainder from company cash flows. 

(Writing by Imogen Lillywhite; editing by Cleofe Maceda) 

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021