AlAhli REIT Fund’s board approves expansion of Alandalus Mall

AlAhli REIT Fund’s (1) board of directors approved the development and expansion of Alandalus Mall following completion of the feasibility study, fund manager NCB Capital said in a bourse filing today, Oct. 26.

The expansion will include adding an external space for food and beverage, in addition to a parking building, to further enhance the services offered by the mall.

The fund signed the purchase agreement to acquire the land adjacent to the mall with an area of 9,669 square meters for SAR 43.51 million to construct a new parking building. The land is owned by the Alandalus Property Co., which is a related party to the fund.

The project is expected to have a positive impact on Alandalus Mall and the fund.

Any new developments will be announced in due course, the statement noted.

In November 2019, the fund board of directors announced the commencement of a feasibility study to expand Alandalus Mall, one of the Fund's properties.