Riyadh – Mubasher: Alandalus Property Company’s ordinary general meeting (OGM) on Sunday approved selling Alandalus Mall and Staybridge Suites Jeddah Alandalus Mall Hotel at a value of SAR 1.35 billion.

The mall and hotel will be vacated and sold to a real estate fund which will be managed by NCB Capital, according to a statement on Monday to the Saudi Stock Exchange (Tadawul).

Staybridge Suites Jeddah Alandalus Mall Hotel and Alandalus Mall represented 56% of the company’s assets as at 31 December 2016, and 47% as at 30 June 2017.

About 30% of the sale assets’ value will be repaid in cash, and the firm will own units in the fund that make up the remaining 70%.

In early August, the Saudi-based property company signed an agreement with Saudi NCB Capital at a value of SAR 1.35 billion to sell assets to establish an income-generating real estate fund.

By 10:50 am, KSA time, Alandalus Property’s stock rose 0.62% to 22.74.