Mulkia Gulf REIT says closed shops at West Avenue mall account for 28% of total rents

Mulkia Investment Co., fund manager of Mulkia Gulf Real Estate REIT, announced in a bourse statement today that the currently closed shops at the West Avenue Mall represent 28% of the fund’s total rents.

The fund manager added that supermarkets and pharmacies rents were unaffected by the complete closure, and they represent 13% of the total rents.

The fund manager expected a significant negative impact on the business, however, it is currently difficult to determine the exact financial impact under the temporary circumstances surrounding the coronavirus precautionary measures adopted by the Saudi government.

Any significant related developments will be announced in due course.

According to data compiled by Argaam, Mulkia Investment announced, on March 17, the temporary closure of the West Avenue Mall excluding pharmacies and supermarkets in line with the government directives to combat the COVID-19 outbreak.