Announcement from Mulkia Investment Company related to occurrence of a specific event for Mulkia Gulf Real Estate REIT.
Mulkia Investment Company announces, in its capacity as the fund manager of Mulkia Gulf Real Estate REIT, the appointment of “Retail real estate Company” as the property manager for West Avenue Mall, owned by the fund and located in Dammam. To manage the rental, maintenance and supervision of the property. The fees for the property management contract will be 750,000 Saudi Riyals per annum for administrative expenses, hiring and bearing the costs of key staff to manage the property in addition to 4% collection fees paid from actual collected rent, and 5% of the value of new leases to be paid for one-time for new leases without collection fees for the first year of the lease contract ، and 5% Renewal to be paid for one time if the renewal rent for 3 years with escalation of 10% in rent . The Fund will bear the operating and maintenance expenses of the property. The contract will start from 01/02/2024 G
The Impact Caused by the Change:
No major impact on the Fund is expected.