Saudi's Alandalus Property Company sells land for $11.6mln

10,000sqm plot sold to real estate investment traded fund Alahli REIT Fund 1

  
Image used for illustrative purpose. The view of Riyadh horizon during a cloudy day.

Image used for illustrative purpose. The view of Riyadh horizon during a cloudy day.

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Saudi Arabia-based Alandalus Property Company has announced the sale of a plot of land next to its flagship mall, Alandalus Mall, Jeddah, to Alahi REIT Fund 1.

The REIT fund will pay SAR 43.5 million ($11.6 million), with the transfer to be completed within 15 days of contract signing.

In its second quarter of 2020 financial reports, the Tadawul-listed company posted a loss of SAR 10.2 million.

In the report’s notes, the company said it had made provision for SAR 18.1 million to account for lessees’ impaired ability to pay rent due to COVID-19 impact.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

(imogen.lillywhite@refinitiv.com)

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© ZAWYA 2020

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