Masar signs 2 land deals worth SAR 328.8M

MASAR logo pictured as the company signs reservation agreements to sell two land plots within the Masar Destination project

Umm Al Qura for Development and Construction Co. (Masar) signed on Sept. 1 two reservation agreements to sell land plots within the Masar Destination project to Shoala Al-Wadi Real Estate Co., a special-purpose vehicle owned by a real estate fund managed by SEDCO Capital, for a total of SAR 328.8 million.

For more news and details on M&As

The plots cover a combined area of 5,311 square meters, with one valued at SAR 195.3 million and the other at SAR 133.5 million, the company said in a statement to Tadawul.

The sale is intended to finance the development of residential units. Under the three-month reservation agreements, the fund will pay a down payment for each land plot, and the final sale agreements are expected to be signed after the commencement date.

The company expects receiving the down payment to reflect positively on liquidity. Additionally, it expects a positive impact on financial results upon completing the sale transaction or upon expiry of the reservation agreements.

Any related material developments will be disclosed in due course, the statement added.