| Element List | Explanation |
|---|---|
| Introduction | Reference to the announcement of Alandalus Property Co. on the Tadawul website dated 18/02/1445 corresponding to 03/09/2023 regarding the purchasing of an office tower in the city of Riyadh, which is wholly owned by the company. Alandalus Property Co. announces the signing of a lease contract for the Yasmine Alandalus office building to Expenditure & Projects Efficiency Authority |
| Transaction Details | Fully leasing the Yasmine Alandalus office building in the Yasmine neighborhood in Riyadh, which is fully owned by Alandalus Property Co. for a period of five Gregorian years Renewable with A total rental value is 114,330,758 Saudi riyals Including VAT tax, with an annual rent of 22,866,151.50 Saudi riyals Including VAT tax. It is paid in one payment at the beginning of each rental year. |
| Transaction Value | 114,330,758 Saudi riyals Including VAT tax |
| Transaction Terms | The rental period begins on (After passing four free months, starting from the date of signing the handover minutes) |
| Parties of the Transaction | 1-Alandalus Property Co. ( The lessor)
2- Expenditure & Projects Efficiency Authority ( the Tenant ) |
| Transaction Execution Date | 2024-03-20 Corresponding to 1445-09-10 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | Yasmine Alandalus office Building in the Yasmine neighborhood in Riyadh, which is fully owned by Alandalus Property Co. |
| Transaction reasons | Office Building rental |
| Expected Impact of the Transaction on the Company and Its Operations | The financial impact will be positive on the company's results in general, and the financial impact will be reflected during the third quarter of 2024 |
| Related Parties | nothing |
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