View United Real Estate Development Company Announces the Purchase and Mortgage of a Real Estate Asset for SAR 40,371,930
| Element List | Explanation |
|---|---|
| Introduction | View United Real Estate Development Company Announces the Purchase and Mortgage of Land in Al-Nargis Neighborhood North of Riyadh City |
| Transaction Details | Purchase of Land with an Area of (8,971.54) Eight Thousand Nine Hundred and Seventy-One Square Meters and Fifty-Four Centimeters Square in Al-Nargis Neighborhood North of Riyadh City |
| Transaction Value | 40,371,930 riyals, not including real estate transaction tax |
| Transaction Terms | there is no |
| Parties of the Transaction | Seller: Al Ajial Holding Company
Buyer: View United Real Estate Development Company |
| Transaction Funding Method | Through a Sharia-compliant bank loan agreement announced on February 13, 2024, and the company's own financing sources |
| Transaction Execution Date | 2024-02-20 Corresponding to 1445-08-10 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | Purchase of Residential Land for the Purpose of Developing One of the Company's Projects on It |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | Not applicable |
| Transaction reasons | Building and Developing Residential Units for Sale |
| Expected Impact of the Transaction on the Company and Its Operations | Acquiring land to build a residential real estate project on it is an investment decision with a significant financial impact on the development properties item during the development and implementation period. However, its impact is expected to be positive on revenues immediately upon the start of sales operations, either through off-plan sales or direct sales after obtaining the necessary approvals and licenses. |
| Related Parties | There are no related parties in the agreement |
| Additional Information | Not applicable |
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