Saudi-based Alandalus Property Company has announced that one of its key subsidiaries, Alandalus litashid Almabany Aldirasia Company - has entered into a deal with Madaras Ajeal Alyamama Company to purchase a prime plot of land designated for educational complex use in Riyadh City.

As per the contract, the Alandalus Property unit will develop a dual-curriculum educational complex on a 11,000 sq m area within the Al Naseem District in the Saudi capital.

With a building area of 16,000 sq m, the educational complex will be able to accommodate 2,000 male and female students, said Alandalus Property in its filing to Saudi stock exchange Tadawul. 

Upon the work completion and handover of the facility, the educational complex will be leased to Ajeal Alyamama Company under a 25-year agreement, in accordance with all applicable laws, regulations, and the requirements of the relevant supervisory authorities, stated Alandalus in the bourse filing.

The total net rental value for the lease term has been set at SAR157 million ($41.3 million) in the contract, it added.