ELEMENT LIST EXPLANATION
Introduction The Company signed on 26/10/2020 a sale contract with the Alahli REIT Fund 1 under which the Company sold Plot No. (B/3) which it owns to Alahli REIT Fund I.
Transaction Details The subject land sold is located beside Alandalus Mall in Jeddah, with a total area of 9,668.92 square meters.
Transaction Value SAR 43,510,500
Transaction Terms The sale was made at a cash price to be paid to the Company in conjunction with transferring the subject land to Alahli REIT Fund 1. The transfer process will be completed within 15 days from the date of signing the contract.
Parties of the Transaction Seller: Alandalus Property Company

 

Buyer: Alahli REIT Fund 1 (a related party)
Transaction Funding Method N/A
Transaction Execution Date 2020-10-26 Corresponding to 1442-03-09
Description of the Business of the Asset forming the Subject Matter of the Transaction Commercial land
Asset Book Value SAR 11,533,109
Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction N/A
Transaction reasons The purpose of selling the land to Alahli REIT Fund 1 is that the Fund will expand and an increase the number of parking lots of Andalus Mall (one of the assets of the Fund which the Company owns 68.72 of its units).
Expected Impact of the Transaction on the Company and Its Operations The financial impact of this transaction will be reflected on the Company's financial statements starting from the fourth quarter of the fiscal year 2020G
Details of Using The Proceeds of the Asset Sale The amount to be collected in connection with this transaction will be used to finance the Company's existing and future projects.
Related Parties Buyer: Alahli REIT Fund 1

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