Riyadh – Mubasher: Enma Alrawabi Company purchased an educational complex at an amount of SAR 180 million on 4 January 2024, according to a bourse disclosure.
The firm terminated a lease contract for the Hittin land in Riyadh by buying the buildings erected on the land from Al Motaqadimah Schools Company.
Meanwhile, the agreement is to optimise the use of the subject property by boosting the performance efficiency of the company’s real estate portfolio.
The transaction will be financed by a SAR 170 million loan through a mortgage on the Hittin land, while the remaining amount of SAR 10 million will be paid from Enma Alrawabi’s resources.
The listed company indicated that the deal will reflect positively on its balance sheet as of 31 December 2024 by increasing the non-current assets item as well as the rental revenues of the property.
Last November, Enma Alrawabi leased the Rawabi Al Zahra Hotel to Ahmed Mohamed Zuhdi Company in exchange for SAR 28.50 million.
