Riyadh – Mubasher: Elegant Centers Company, a subsidiary of Al Baha Investment and Development Company, signed a lease agreement worth SAR 27.05 million with Saudi Modern Factory Company on 20 November 2022.

Elegant Centers is leasing an industrial land plot on which an administrative building and a warehouse are built. Located in Riyadh, the asset spans 25,058 square metres, according to a bourse filing.

The deal holds a duration period of 10 years, starting from 1 December 2022.

Al Baha Investment noted that the lease deal aims to diversify its sources of income and grew its revenues.

The Tadawul-listed firm indicated that the agreement will reflect on its income statements during 2023.

Last week, Elegant Centers purchased an industrial land plot worth SAR 24 million in Riyadh.