Al Rajhi REIT receives several rent revision requests on COVID-19 measures
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Al Rajhi Capital, the fund manager of Al Rajhi REIT, received several requests from real estate tenants to either reduce, reschedule or suspend due rents during the COVID-19 precautionary measures period.
The fund manager said in a bourse statement that the 24-hour curfew directive in the Kingdom, in addition to some other related decisions, have significantly impacted its retail and commercial properties.
It further expected the business to be negatively affected by the continued economic fluctuations in global and local markets.
It is presently difficult to determine the full impact on the fund’s performance, as there is still uncertainty over the timeframe for COVID-19 precautionary measures, Al Rajhi Cap noted, adding that it is currently studying the situation before making a decision in accordance with the Kingdom’s related laws and regulations.
The fund manager emphasized the protection of investors’ rights, noting that any further material developments will be revealed in due course.