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