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Riyadh, Saudi Arabia
Al-Andalus Real Estate Company announced the purchase of its wholly-owned subsidiary, Al Andalus Logistics Facilities Company, for a land dedicated to logistics use in Al-Mashaal neighborhood in Riyadh, with an area of 44,550 square meters, with a total value of $ 22.35 million (83.8 million riyals), including real estate tax and pursuit fees.
The company said in a statement on "Tadawul Saudi" on Monday that the acquisition comes within the framework of the implementation of its announced strategy for the period 2026-2030, which aims to diversify the investment portfolio and expand the logistics sector, through the development of high-quality logistics warehouses that provide storage spaces that meet the requirements and requirements in force.
The deal was concluded between Ahmed Sulaiman Al Fahad & Sons as the seller and Al Andalus Logistics Facilities Company as the buyer, to be financed through the company’s self-financial resources and banking facilities.
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