Mulkia Gulf REIT says rent revision requests represent 47.8% of total annual rents
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Mulkia Investment Co., the fund manager of Mulkia Gulf Real Estate REIT Fund, received some requests from real estate tenants to either stop calculating or applying a discount on due rents, as well as approving a grace period during the COVID-19 precautionary measures.
The company said in a statement to Tadawul that these requests amounted to 47.8% of total annual rents for 2020.
The company is still evaluating the requests to make a proper decision and petitions are dealt with in accordance with judicial and legal principles to protect the interests of unitholders.
The fund manager clarified that the resulting impact cannot be determined at present until the end of the current crisis, adding that it expects a negative effect on the business.
Any further developments will be announced in due course.
Early March, Mulkia Investment Co. announced the temporary closure of the West Avenue Mall excluding pharmacies and supermarkets, Argaam reported.