Al Rajhi REIT announces withdrawal of Rawaj Real Estate Co.’s notice to terminate lease contracts

20/07/2020 Argaam

 

Al Rajhi Capital, the fund manager of Al Rajhi REIT Fund, announced that Rawaj Real Estate Co., master lessee of Blue Tower Building in Al Khobar and Luluah warehouse in Riyadh, withdrew its previous notice to terminate the lease contracts of these properties.

 

The fund manager said in a bourse filing on Monday that the master lessee of these properties has agreed to follow the provisions of the lease agreement signed by both parties that includes rent review process.

 

The fund manager will follow the due process as per the lease agreement provisions, the statement said, adding that the fund manager will announce any material development in this matter in due course.

 

According to data available on Argaam, Al Rajhi Capital, the fund manager of Al Rajhi REIT Fund, announced in April that it received a notice to terminate the lease contracts for Blue Tower Building in Al Khobar and Luluah warehouse in Riyadh, two of Al Rajhi REIT Fund’s properties.

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