Alkhabeer REIT gets SAR 85.8M on sale of Ahlan Court property

Logo of Alkhabeer REIT Fund

Proceeds from the sale of the Ahlan Court property totaled SAR 85.75 million, Alkhabeer Capital, fund manager of Alkhabeer REIT Fund, said in a statement to Tadawul.

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The sale amount includes the net sale price of the property (SAR 71.75 million), with the buyer bearing the real estate transaction tax and brokerage fees, in addition to SAR 14 million paid by the current tenant in return for terminating the lease agreement before its original expiry date.

According to data compiled by Argaam, Alkhabeer Capital announced on Aug. 3, the completion of the sale of the Ahlan Court property, located in Al-Andalus District, Jeddah, for a net selling price of SAR 71.75 million, following the preliminary approval by the fund’s board of directors on March 19, to accept a purchase offer for one of the fund’s assets.