Barwa Real Estate Company announced the signing of an agreement to sell the plot of land owned by Wahat Al-Riyadh Real Estate Company "wholly owned by Barwa Group", provided that the sale process is completed and registered with a notary upon fulfilling all the terms and conditions of the agreement and paying the rest of the sale price within a period not exceeding 90 days from the date of signing the agreement, which saw Barwa receive the first payment on the sale price calculation.
The total sale price is 742,380,100 Saudi riyals (seven hundred forty-two million, three hundred eighty thousand and one hundred Saudi riyals), excluding real estate disposal tax. All financial terms of the agreement and its financial impact will be announced upon completion of the sale.
The Group purchased this land, which is located in Al-Janadriyah area in the Saudi capital, Riyadh, in 2016. Its area is about 2,216,060 square meters (two million two hundred sixteen thousand and sixty square meters).
It should be noted that there is no conflict of interest between the contracting parties in this agreement.