BATIC plans to buy SAR 200 mln commercial properties

BATIC Investment and Logistics Co. has inked a memorandum of understanding to acquire properties in Saudi Arabia and the UAE, the company said in a bourse statement.

The company signed the memo with Abdullah Abbar & Sons Cold Stores Co. and Dar Al Abbar Ltd.

Target assets include commercial property (warehouses) and land plots. Initial valuation for the combined asset base is SAR 200 million, the company said.

The company plans to finance the deal by a combination of cash and equity, SAR 120 million and SAR 80 million respectively.

The MoU remains valid until June 30, unless renewed or deal is reached. No related parties are involved.