Alandalus Property Co.’s associate, Massat Property Co., purchased a 127,400 square meters (sqm) land plot in Makkah for SAR 174.2 million, according to a bourse statement.
Massat Property is 25%-owned by Alandalus and 75%-owned by Burooj International (a related party).
The seller of the land plot is a non-related party and the deal will be financed by the company’s internal resources.
The land plot will be used in a joint real estate venture, which will boost the company’s revenue by the land development over the coming years.
The deal is expected to have a positive impact on the company’s operations.
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