Alinma Retail REIT to auction off Almakan Mall in Tabuk on Dec. 13

Logo of Alinma Investment Co.

Alinma Investment Co., manager of Alinma Retail REIT Fund, announced holding an auction to sell Almakan Mall in Tabuk on Dec. 13.

Strategically located at the heart of Tabuk, the mall spans 21,400 square meters in land area, overlooking King Khalid Road, which is the main road that facilitates access to the mall from all Tabuk, the company in a Tadawul filing today, Nov. 21.

It added that the two-story complex features shops of various spaces. This is in addition to a basement comprising 319 parking lots, along with another 171 parking spots in front of the mall.

The sale of Almakan Mall in a public auction comes in implementation of the fund manager’s strategy for Alinma Retail REIT’s real estate portfolio, which aims to reduce the concentration of assets in secondary cities and increase those in main cities.

Alinma Investment also noted that the auction proceeds will be used to finance future investment opportunities and achieve the fund’s objectives.