Alwaha REIT inks showroom lease contract for SAR 277,200

25/06/2024 Argaam
Logo ofAlwaha REIT Fund

Logo of Alwaha REIT Fund

Alwaha REIT Fund signed a lease contract with Shumou Food Trading Co., a related party-owned company, to rent Showroom No. 2 in the Shahad Offices and Showrooms Building, Wasatah Capital, the fund manager, said in a statement to Tadawul.

The contract has a one-year term ending in May 2025 and a total value of SAR 277,200 (excluding VAT), which represents 1.39% of the fund's total revenues according to the audited financial statements issued at the end of 2023.
The company expected an increase in the fund’s occupancy rates. 

 

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Shumou Food Trading is 60% owned by Shumou Investment Co. Ltd., a major unitholder and property manager of some of the fund’s properties as per the fund’s terms and conditions. The remaining 40% stake is held by Abdulaziz bin Fahd bin Mugayel, a shareholder in Shumou Investment and a major unitholder in the fund, the statement added.

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