Anaam signs binding SPA to fully acquire private office building for SAR 312 mln in Jeddah

Logo of Anaam International Holding Group

Anaam International Holding Group signed, today, June 21, a binding sale and purchase agreement (SPA) to acquire 100% of the private office building for SAR 312 million, excluding the real estate transaction tax, in Al-Rawda neighborhood, Jeddah.

Anaam will self-finance the deal by SAR 159.48 million, in addition to the SAR 153.23 million credit facilities granted to the group by Alinma Bank, the company said in a statement to Tadawul.

The deal value will be paid by two bank checks. The first check will be to Saudi National Bank (SNB) from the buyer to the seller at a total value of SAR 44.16 million, issued by Alinma Bank to pay the contract amount offered by SNB to the seller in exchange for foreclosure.

The second one will be for payment of the remaining acquisition price to the seller at a total amount of SAR 268.55 million. It will be delivered to the seller on the date of the ownership transferr to the buyer before the competent registration authority.

The agreement is subject to a number of conditions, including, but not limited to, obtaining the approval of competent government agencies authorities and finalizing some legal procedures.

The relevant financial impact is expected to be reflected on Anaam’s revenue from the third quarter of 2022.

Anaam will acquire an office building surrounded by four main streets. It consists of a basement, a ground floor, a mezzanine, and seven repeated floors, which are rented office units and other services, such as a restaurant, a cafe, a pharmacy and a bank.

There are no related parties to the deal, Anaam concluded.

Last February, the Tadawul-listed group signed a non-binding memorandum of understanding (MoU) to acquire 100% of a private office building in Jeddah for a total value of SAR 325 million excluding real estate tax, Argaam reported.

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