Banan Real Estate takes charge of setting up investment fund for new Riyadh project
Banan Real Estate Company has signed a memorandum of understanding (MoU) with Abdulaziz & Saad Al-Moajil Trading and Investment Company to develop a land plot in Riyadh.
The company will be appointed as the exclusive developer and marketer of the project, Banan said in a statement to the Saudi stock exchange.
The company will be responsible for negotiating on the landowner's behalf with real estate investment funds and working to establish an investment fund for the development of the project.
The 7,425 square metre land plot is located in Al-Qirawan district of Riyadh.
The three-month MoU, extendable upon mutual agreement, aims to reach a new detailed agreement for the development of the project and the structuring of the fund.
(Editing by Anoop Menon) (anoop.menon@lseg.com)
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