Touch buys new premises in Beirut Central District for $75 million
Touch, one of the two local mobile operators, has acquired its new premises located in Beirut Central District for $75 million, according the Media Office of the Minister of Telecommunications.
Touch, which is owned by the Lebanese state and operated by Kuwait-based mobile telecommunications company Zain, has signed two agreements with the owner of the building. The agreements involved revoking the existing rent contract and replacing it with a purchase deal.
The Media Office said that the building has become state property at a price that is a little bit higher than the total rent that was supposed to be paid. The overall value of the rent that Touch was supposed to pay over ten years was $70 million.
The first installment of the rent that has been paid and that amounted to $6.4 million was considered as part of the down payment for the price of the building.
The remaining amount will be settled in three installments until 2022
Reported by Shikrallah Nakhoul
Date Posted: Aug 02, 2019