Alinma Retail REIT says SAR 25M price difference on Almakan Mall sale deal

Logo of Alinma Investment Co.

Alinma Investment, manager of Alinma Retail REIT Fund, completed the ownership transfer of Almakan Mall in Riyadh in exchange for ownership of office buildings in Al Yasmeen District, Riyadh.

In a Tadawul statement, Alinma Investment said the deal resulted in a SAR 25 million cash payment to the fund, covering the difference in the values of Almakan Mall and the new property (SAR 368 million).

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It also noted that the new property is leased to a government entity for three years. Alinma Retail REIT had already received the first year’s rent.

The fund also claimed SAR 20.15 million in compensation, part of which covers a rent-free period granted to the new property’s tenant, ending mid-January 2025.

Alinma Investment, completed today, Oct. 30, the property transfer for the deal, adjusting the sale price of Almakan Mall in Riyadh from SAR 392 million to SAR 393 million, according to Argaam’s data.

In June, Alinma investment confirmed the acquisition of a new property had been finalized, with the in-kind portion covering the transfer of Almakan Mall ownership in Riyadh, valued at SAR 392 million, and a cash portion financed by credit facilities.

The initial deal included two property acquisitions: an in-kind portion for Almakan Mall’s transfer in Riyadh and a cash portion to be funded via credit facilities.