Hamad Bin Saedan affiliate sells 74 factories for SAR 190M

Hamad Mohammed Bin Saedan Real Estate Co.’s 50%-owned subsidiary Moatan Al-Tasheed Co. sold 74 industrial factories for SAR 190 million, the company said in a bourse filing. The buyer was not identified.

The transaction covers factories across multiple industrial zones in Saudi Arabia, according to the statement. The sale is part of Moatan Al-Tasheed’s ongoing portfolio review, the parent company said.

Hamad Mohammed Bin Saedan Real Estate is a Riyadh-listed developer with holdings across residential, commercial, and industrial properties. The subsidiary was formed to manage the group’s industrial assets.

The SAR 190 million proceeds will be used for general corporate purposes, the filing said. No other terms were disclosed.