Riyadh – Mubasher: Hamad Mohamed Bin Saedan Real Estate announced that its subsidiary, Moatan Al Tasheed, has entered into an agreement to sell industrial real estate assets for a total value of SAR 190 million.
The transaction involves 74 model factories located within the Industrial Gate City project in Riyadh, specifically across blocks 5 and 13, according to a bourse filing.
The assets cover a total land area of 69,925.58 square meters with a leasable area of 59,179.68 square meters.
The properties generate an estimated annual income of SAR 15.97 million.
According to the disclosure, the book value of the assets stands at SAR 125.82 million. The purchaser is the GFH Saudi Logistics Fund, represented during its incorporation phase by GFH Partners Limited.
Under the terms of the deal, SAR 30.90 million will be utilized to settle outstanding financing with the Saudi Industrial Development Fund (SIDF) to release mortgages on block 5.
Additionally, SAR 20.59 million will be waived to the owner regarding the transfer of block 13.
After deducting these obligations, the net transaction value is SAR 138.50 million. Based on its 50% ownership stake in Moatan Al Tasheed, Hamad Mohamed Bin Saedan Real Estate’s share of the net proceeds amounts to SAR 69.25 million.
