Al-Andalus Real Estate Company signed a SAR 190 million acquisition deal for an office tower in Riyadh. The tower is a distinguished tower located in the most prestigious locations north of the capital, in the Al-Yasmin neighborhood on Al-Olaya Main Road, parallel to King Fahd Road. The tower has a land area of ​​3,480 square meters and consists of 14 floors with a leasable area of ​​9,838 square meters and a building area of ​​25,006 square meters. It also includes 380 parking spaces.

Andalus Real Estate CEO, Eng. Faisal Al-Nasser, stated that the acquisition is in line with the company’s objectives and future aspirations, in line with its strategy to diversify investments. The deal is also an important addition to the company’s asset management portfolio and the diversification of income sources and sectors in which it operates, which includes a diverse range of properties, including retail, office, and hospitality projects.

The CEO added that the deal will enhance the company’s ability to enter into investments with good, income-generating assets as part of its efforts to achieve the best returns. It is worth noting that Andalusia Real Estate is one of the most important real estate developers and investors in the region and owns a number of major projects spread across the Kingdom’s major cities.