Alandalus Property buys stake worth SAR 51 mln in plot

23/03/2017 Argaam

Alandalus property Co. has acquired a 25 percent common share in a plot of land in Jeddah for SAR 50.83 million.

 

The plot, which has an area of 28,240 square meters, is intended to be used to set up a shopping mall in partnership with the other land owners, the company said in a statement on Tadawul.

 

The land was evacuated for this purpose on Thursday, March 23, 2017.

 

The developer added that it financed the deal through the company’s outstanding bank facilities and will announce any material updates on the matter as they occur.

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