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)
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