27-05-2025
Atlas Elevators subsidiary ink SAR 12.5M deal for land usufruct, building purchase
Atlas Elevators General Trading and Contracting Co. 's subsidiary, Atlas National Elevators Factory Co. — 99% owned by the parent company —signed a contract to acquire the usufruct rights of an industrial land plot and purchase the buildings constructed on it from the Saudi Kuwaiti Furniture Manufacturing Co., for a total value of SAR 12.5 million, inclusive of the broker's commission.
In a statement to Tadawul, the company said the agreement covers the transfer of usufruct rights for land plot No. M16:1+2, spanning an area of 11,250 square meters, located in Riyadh's Second Industrial City.
The deal also includes the purchase of all buildings on the land, along with associated rights and ownerships, including building equipment, air conditioning systems, and all electrical installations.
The company noted that a valuation by Oulat Real Estate Appraisal Office estimated the property's value at SAR 13.04 million, while Asala Real Estate Appraisal Co. valued it at SAR 13.92 million.
