Addendum Announcement from Osool & Bakheet Investment Company Regarding the impact of the corona pandemic on Al-Maather REIT Fund
|Date of the Previous Announcement||2020-04-19 Corresponding to 1441-08-26|
|URL of the Previous Announcement||Click Here|
|Change Details||Further to the announcement of Osool & Bakheet Investment Company published on 08/26/1441H corresponding to 19/04/2020G, concerning informing investors about the impact of the Corona pandemic on the total rental of the fund, the fund manager would like to disclose that the fund received requests from tenants beginning of march to reduce the rental value to about SAR 2.50 million, The amount of the reduction request constitutes approximately 4.5% of the total rental income of the Fund, The total value of income disruption (rent of vacant properties) during the same period amounted to about SAR 2.82 million and constitutes approximately 5.0% of the total rental income of the fund. The fund manager will continue to assess the impact and announce any material claims regarding the request to suspend of payment of rent or avoid it. The fund manager clarifies that announcing these claims does not mean accepting them it will be process such requests in line with ensuring the protection of the unit holders’ interest and in compliance with the laws and regulations that guarantee the rights of parties in rent agreement.|
|The Impact Caused by the Change||N/A|
|Additional Information||It cannot be predicted.|
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