Muscat Capital Co. will temporarily suspend the management fees of Al Mashaar REIT Fund, which represent/stand at 1% of net asset value (NAV), starting from the rent postponement date, March 15, 2020, until the beginning of rent collection for the properties.
The fund manager said in a bourse statement that the decision was made with regards to limiting the Hajj season this year to a very limited number of pilgrims and the suspension of Umrah, due to the COVID-19 outbreak, which directly affected the REIT’s assets.
The fee suspension will mitigate the expected negative impact on the fund, Muscat Capital said, indicating that any further developments will be announced in a timely manner.
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