Al-Maather REIT receives rent revision requests amounting to SAR 2.5 mln on COVID-19 measures

Osool and Bakheet Investment Co., fund manager of Al-Maather REIT Fund, said in bourse filing that the total value of rent revision requests since March amounted to SAR 2.5 million, or 4.5% of the total annual rents of the fund.

The total value of income disruption (rent of vacant properties) during the same period amounted to SAR 2.82 million, which constitutes approximately 5% of the total rental income of the fund.

The fund manager will continue to assess the impact and announce any material claims regarding the requests.

It further clarified that the announcement of claims does not reflect acceptance of rent revision, but these requests will be processed in a manner that ensures protection of the unit holders’ interest and in compliance with the rental laws and regulations.

Last month, Al-Maather REIT Fund received some requests from real estate tenants to either reduce, reschedule or suspend due rents during the COVID-19 precautionary measures period.