Makkah Construction and Development Company has announced that it has purchased a 6,986 sq m plot of land for SAR980 million ($261 million) in the Saudi city.
The purchase was completed through an auction held yesterday (December 30) by Adeer Real Estate Company. The seller was the Entrustment & Liquidation Center (Infath).
The transaction was made in line with the company’s growth strategy to strengthen its portfolio of prime assets in close proximity to the Grand Mosque and create long-term value for shareholders through the development of income-generating assets that support recurring income, said Makkah Construction and Development Company in its filing to Saudi bourse Tadawul.
The plot, located on Ajyad street in Makkah, is approximately 500m away from the Grand Mosque plaza, and is ideal for setting up a mixed-use project featuring a hotel and a mall, it stated.
On the deal, the Saudi developer said the transaction will be financed through its own resources and bank facilities.
No special conditions were attached to the deal, and no related parties were involved, it added.-TradeArabia News Service
