Arriyadh Development acquires SAR 168 mln office tower in Riyadh

Logo of Arriyadh Development Company (ARDCO)

Arriyadh Development Co. (ARDCO) announced the purchase of an office tower on King Fahad Road, Riyadh, at a value of SAR 168 million, excluding real estate tax, according to a statement to Tadawul. 

The acquisition deal was signed with Burj Al Balad Co. The conveyance was done today, Oct. 20, the statement added. 

The office building consists of 12 floors, a mezzanine, a basement and two parking floors, covering a total net leasable area of nearly 10,500 square meters (sq m). 

The deal will be funded from the cash available in ARDCO's account, the developer said, expecting an annual revenue ranging between SAR 12 million and 14.3 million. 

The building is income-generating, ARDCO said, indicating that there are no related parties to the agreement that aims to enhance the company's yielding assets.