AlAhli REIT (1) appoints Alandalus Property to operate Al Andalus Mall: NCBC

27/01/2020 Argaam

 

The board of directors of AlAhli REIT Fund (1) approved appointing Alandalus Property Co. as the operator of Alandalus Mall, instead of the current operator Hamat Property Co., the fund manager NCB Capital said in a bourse statement.

 

It is a related party deal since Alandalus Property owns more than 5% of the fund’s units, in addition to being the real estate agent of the fund, the statement added.

 

The step is not expected to have any additional financial impact on the fund.

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