Riyadh – Mubasher: Alandalus Property Company on Wednesday signed an agreement with Saudi NCB Capital worth SAR 1.35 billion to sell assets to establish an income-generating real estate fund.
Alandalus Mall and Staybridge Suites Jeddah Alandalus Mall will be sold and empty for the fund, according to a statement to the Saudi Stock Exchange (Tadawul).
The company will own units in the fund that represent about 70% of assets’ sale value.
The remaining 30% will be repaid cash for the company, Alandalus added, noting that the cash repayment value is expected to achieve SAR 225 million profits for the company.
The Tadawul-listed firm will administrate the fund after obtaining the regulatory approval from the Saudi Capital Market Authority (CMA).
The stock decreased 2.67%, closing at SAR 22.98 on Wednesday.
