Alandalus Property Co. signed today a sale contract to sell a land plot (B/3) to Alahli REIT Fund 1 for SAR 43.51 million.
The land is located beside Alandalus Mall in Jeddah, with a total area of 9,668.92 square meters, the company said in a bourse filing.
Cash will be paid to the company in conjunction with transferring the land to Alahli REIT Fund 1. The transfer process will be completed within 15 days from the date of signing the contract.
The company said that the book value of the land is SAR 11.53 million, indicating that the goal of selling the plot of land to Al Ahli REIT 1 fund is for the fund to make an expansion, and an increase in the number of parking spaces in Alandalus Mall, one of the assets of the fund in which Alandalus Property owns 68.72% of its units.
The financial impact of this transaction will be reflected on the company's financial statements starting from Q4 2020.
Alahli REIT Fund 1 is a related party.
Earlier, fund manager NCB Capital announced that AlAhli REIT Fund’s (1) board of directors approved the development and expansion of Alandalus Mall following completion of the feasibility study.
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