Alandalus makes early closure of SAR 80.2 mln debt

Alandalus Property Co. has settled the remaining portion of its SAR 80.2 million loan facility, which was originally scheduled to be paid in installments wtill 2023, the company said in a stock market filing.

The loan, obtained from Al Rajhi Bank, had to be paid until May 2023, but early payment reduced the net sum payable to SAR 73.08 million.

The money came from the proceeds of its recent initial public offering of Alahli REIT. Financial impact is due by end of this quarter.

In 2012, the company signed a SAR 100 million loan with Al Rajhi to finance 60 percent of the development work of its Al Andalus Staybridge Suites in Jeddah. The property was inaugurated in May 2017.