SRMG eyes SAR 109 mln profit on London property sale

Saudi Research and Marketing Group’s (SRMG) subsidiary, Media Investment Ltd. has signed an initial deal with AXA Real Estate Investment Managers to sell a building in London for SAR 169.12 million, the company said.

With the book value of the building at SAR 60.11 million, the company expects to make a capital gain of SAR 109.01 million on the deal.

In addition to paying the full amount in cash, the deal includes a clause allowing the company to remain in the building for 12 months without paying rent.

The company said the decision to sell was part of its plan to slash operating costs.