Alandalus sells assets under REIT deal with NCB Cap
Alandalus Property Co. on Tuesday has sold Alandalus Mall and Staybridge Suites Jeddah Alandalus Mall to Tamkeen for Investment and Real Estate Development Co., a wholly-owned subsidiary of Albilad Invest (the custodian).
Under the agreement signed between Alandalus and NCB Capital on a REIT fund sale, the assets, owned by the REIT fund, will be registered for Tamkeen, the property firm said in a bourse statement.
Both assets were sold at a total value of SAR 1.35 billion, of which 70 percent will be allocated by Tamkeen for buying units in the fund.
The Tadawul-listed company received the remaining 30 percent, or SAR 405 million amount in cash.
Alandalus booked a capital gain of SAR 221 million on the sale, and expects the related financial impact to show in Q4 2017, the statement added.
On Aug. 2, 2017, the property firm signed a SAR 1.35 billion assets sale agreement of a REIT with NCB Capital, Argaam reported.