Swicorp Wabel REIT unitholders approve 2.5% real estate brokerage fees

Logo of Swicorp Wabel REIT Fund

Swicorp Wabel REIT Fund unitholders, in a meeting on Wednesday, March 10, 2021, agreed to add a real estate brokerage fees of a maximum of 2.5% of any real estate investment acquired, fund manager Swicorp Co. said in a statement to Tadawul.

The unitholders also agreed to remove the cap of 17% for operating expenses, on the current property management agreement effective retroactively from Jan. 1, 2020.

They also agreed to allow property management fee to be a maximum of 10% of the total annual revenue of the real estate assets for managing, leasing, and collecting on behalf of the fund.

The update of the terms and conditions that reflect the above changes was also approved, along with adding definitions and other clarifications for fees and fees calculation table.