Riyadh – Mubasher: Banan Real Estate Company has inked a SAR 73.1 million contract to purchase a commercial building in the Qurtoba district of Riyadh.

With an annual income of SAR 6 million, the land area is 6,400 square meters, while the rental area is 5,200 square meters, according to a bourse filing on Thursday.

The company has financed a part of the deal of a value of SAR 36 million from the facilities granted by Arab National Bank and SAR 26.565 million from the facilities granted by Riyad Bank.

Meanwhile, the transaction's rest of the amount was financed from the cash flows available in the company.

The transaction will have a positive impact on the company's financials, as it will raise revenues starting from the first quarter (Q1) of 2022.