Riyadh – Mubasher: NCB Capital, manager of AlAhli REIT Fund 1, said that the fund’s Board of Directors approved commencing the project to develop and expand Al-Andalus Mall, one of the fund’s properties.
The expansion will be carried out by adding an external space for food and beverage and a parking building, according to a bourse filing on Monday.
The fund penned a purchase agreement to acquire the land adjacent to the mall, spanning 9,669 square meters, for SAR 43.510 million from Alandalus Property Company, which is a related party to the fund.
The project is predicted to have a positive impact on Al-Andalus Mall and the fund.
Any related developments will be provided in due course, the statement noted.
