Alandalus subsidiary buys 44,550 sqm Riyadh logistics plot for SAR 83.8 million

Alandalus Property Co.'s wholly-owned subsidiary Marafiq Alandalus Allujistiyah Co. bought a 44,550-square-meter logistics land plot in Riyadh's Al Mashael District for SAR 83.8 million, including real estate transaction tax and brokerage fees. Argaam reported the transaction, which was concluded on October 18 with Ahmed Suliman Al Fahad & Sons Co.

Alandalus Property is a Saudi publicly listed real estate company that develops, owns and operates income-generating commercial properties, including shopping malls, office towers, a five-star hotel and healthcare assets, across Riyadh, Jeddah and Dammam. Marafiq Alandalus Allujistiyah is its wholly-owned subsidiary and the buyer of the plot.

Alandalus's Riyadh Logistics Land Deal

The land covers 44,550 square meters and is designated for logistics use. Alandalus said the purchase aims to develop high-quality logistics warehouses and storage spaces, developed in line with applicable laws and regulations as well as the needs of relevant authorities.

The transaction was financed through a combination of internal resources and bank facilities, and no related parties are involved, the company said. Alandalus expects the financial impact of the transaction to be reflected in its financial statements during Q4 2026, and said it will disclose any material developments related to the land's development in due course.

The deal aligns with Alandalus's expansion plans and is set to boost revenue in line with its announced strategy and deliver added value for shareholders, the statement added. The transaction aligns with the company's 2026-2030 strategy, which targets diversification of its investment portfolio and expansion in the logistics sector.

Alandalus's Funding and Capital Position

According to akta.pro company records, Alandalus Property has a current capital of SAR 933,333,330 divided into 93,333,333 ordinary shares with a par value of SAR 10 per share. The same records show three funding rounds on file, including a September 2026 post-IPO debt of $9.5 million led by Saudi National Bank and a July 2026 post-IPO debt of $12.8 million led by Saudi Awwal Bank.

Alandalus's Recent Financing and Project Moves

Alandalus Property secured a SAR 71.3 million short-term Shariah-compliant Tawarruq financing from Saudi Awwal Bank on October 13, Argaam reported. On October 5, Argaam reported that the company's board decided not to distribute cash dividends to shareholders for H1 2026, citing the need to support its financial position and fund new projects.

On September 16, Alandalus obtained SAR 35 million in short-term Shariah-compliant financing from Saudi National Bank under a Tawarruq structure, according to Argaam. In July, Argaam reported that a wholly-owned subsidiary signed an agreement with Ajyal Alyamama National Schools Co. to develop and lease a dual-curriculum educational complex in Riyadh's Al Naseem district.

Alandalus's Next Steps for the Land

Alandalus said it will disclose any material developments related to the land's development in due course. The company expects the financial impact of the transaction to be reflected in its financial statements during Q4 2026.