Mulkia Gulf Real Estate REIT receives several rent revision requests on COVID-19 measures

16/04/2020 Argaam

 

Mulkia Investment Co. the fund manager of Mulkia Gulf Real Estate REIT Fund, received several requests from real estate tenants to either reduce, reschedule or suspend due rents during the COVID-19 precautionary measures period.

 

The company said in a statement to Tadawul that these requests amounted to 30.24% of total annual rents for 2020.

 

The company is still evaluating these requests and added that the petitions are dealt in accordance with regularity and contractual procedures to protect the interests of unitholders on a commercial basis.

 

The fund manager expected a negative impact of the precautionary measures on both the fund income and dividends distribution that will depend on the negotiation with tenant and on the period of the precautionary measures.

 

Any further developments will be announced in due course.

 

Last month, Mulkia Investment Co. announced the temporary closure of the West Avenue Mall excluding pharmacies and supermarkets, Argaam reported.

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