Masar sells two land plots for SAR 275M, books SAR 129.3M capital gain

Umm Al Qura for Development and Construction Co. (Masar) signed on Sept. 18 an agreement to sell two land plots within the Masar Destination project for a total of SAR 275 million, excluding taxes and fees borne by the buyer.

The deals were signed by Masar and its wholly owned subsidiaries, Alinma Makkah for Development Fund I and Alinma Makkah for Development Fund II, with Aswar Alpha Co., a special purpose vehicle established by a real estate fund managed by Alpha Capital, the company said in a bourse filing.

The plots span a combined area of 5,500.08 square meters, with an asset value of SAR 145.69 million.

Masar said it expects the deal to have a positive impact on its financial results and liquidity, with proceeds allocated to ongoing projects and working capital.

The transaction will generate capital gains of SAR 129.3 million, according to Argaam estimates.