Articles > Alinma Capital Company Sells Almakan Mall in Tabouk
Alinma Capital Company Sells Almakan Mall in Tabouk
By KlickAnalytics Data Insights | May 7, 2026 04:02AM ET
- Alinma Capital Company, as the Fund Manager of the Alinma Retail REIT Fund, announces the sale of Almakan Mall in Tabouk for SAR 50 million.
- The sale proceeds will be used to support higher cash distributions per unit and may also be utilized for further asset enhancement or settling outstanding credit facilities.
In a recent development, Alinma Capital Company, managing the Alinma Retail REIT Fund, has announced the sale of Almakan Mall in Tabouk for SAR 50 million. The Mall was originally acquired as part of the Fund's initial portfolio, but due to low occupancy levels, tenant exits, and the impact of the COVID-19 pandemic, it became necessary to sell the asset.
Following a comprehensive review of available options to maximize value from all fund assets, the Fund Manager decided to proceed with the sale of Almakan Mall. Despite efforts to attract bids through an auction in December 2023, no suitable offers were received. The sale is part of the Fund Manager's strategy to optimize cash flow, reduce asset concentration in secondary cities, and focus on investments in primary cities.
The sale proceeds from Almakan Mall are expected to have a positive impact on the Fund, supporting higher cash distributions per unit. The Fund Manager plans to use the proceeds for a units buy-back in line with the Fund's investment strategy, with any excess cash potentially being utilized for asset enhancement or settling outstanding credit facilities.
Overall, the sale of Almakan Mall in Tabouk signifies a strategic decision by the Fund Manager to enhance the Fund's real estate asset portfolio and drive increased value for unitholders.
- The sale proceeds will be used to support higher cash distributions per unit and may also be utilized for further asset enhancement or settling outstanding credit facilities.
In a recent development, Alinma Capital Company, managing the Alinma Retail REIT Fund, has announced the sale of Almakan Mall in Tabouk for SAR 50 million. The Mall was originally acquired as part of the Fund's initial portfolio, but due to low occupancy levels, tenant exits, and the impact of the COVID-19 pandemic, it became necessary to sell the asset.
Following a comprehensive review of available options to maximize value from all fund assets, the Fund Manager decided to proceed with the sale of Almakan Mall. Despite efforts to attract bids through an auction in December 2023, no suitable offers were received. The sale is part of the Fund Manager's strategy to optimize cash flow, reduce asset concentration in secondary cities, and focus on investments in primary cities.
The sale proceeds from Almakan Mall are expected to have a positive impact on the Fund, supporting higher cash distributions per unit. The Fund Manager plans to use the proceeds for a units buy-back in line with the Fund's investment strategy, with any excess cash potentially being utilized for asset enhancement or settling outstanding credit facilities.
Overall, the sale of Almakan Mall in Tabouk signifies a strategic decision by the Fund Manager to enhance the Fund's real estate asset portfolio and drive increased value for unitholders.
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