Alandalus Property’s shareholders approve sale of mall, hotel

Alandalus Property Co.’s general assembly approved on Sunday an agreement to sell the Andalus Mall and attached hotel, Staybridge Suites Jeddah, for SAR 1.35 billion to a real estate investment traded (REIT) fund managed by NCB Capital, the company said in a bourse statement.

Alandalus Property will own units in the REIT fund in return for 70 percent of the deal’s value, while the remaining 30 percent of the amount will be received in cash.

The mall and hotel together represent 47 percent of the developer’s total assets as of June 30, 2017, the statement said.