Al Maather REIT’s unitholders approve amending management, brokerage fees

Al Maather REIT’s unitholders approved on Oct. 21 to amend the fund’s management fees to be 0.50 percent of gross asset value after deducting expenses, instead of 0.50 percent of the net asset value, fund manager Osool & Bakheet Investment Co. said in a bourse statement.

The unitholders also approved the following amendments on the REIT’s terms and conditions:

- A brokerage fee of 2.5 percent will be calculated and paid after conveyance.

- Brokers could be related parties.

- Increasing the limit of assessors’ fees to SAR 300,000.

- Adding Al-Saleh & Al-Sahli Law Firm to the fund’s legal consultants.

- Changing the name of real estate appraiser Danat Realty to Areab Real Estate Appraisers.

- Adding risk articles as per the REIT regulations.

- Amending the board membership rules with regards to board members being on the board of other REIT funds.

The unitholders also approved altering several technical terms and adding an article concerning fund suspension or listing cancellation.