Al Maathar REIT says tenant seeking to hand back units representing 7% of total annual rents
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Osool & Bakheet Investment Co. received a letter from Gulf ELCON Company for Trading and Contracting, the anchor tenant of Al-Rabie GENX assets, seeking to hand back the leased units with a rental value of SAR 3.75 million, the fund manager said in a bourse statement on Thursday.
The property, located at the intersection of Al Qiyas Street with Prince Mohammad Bin Salman Road in Riyadh, has a rental value of approximately 7% of the total annual rents.
The fund manager clarified that the tenant’s file is under review before the competent court due to default of payment, affirming its keenness to preserve unit holders’ rights.
The financial impact will be determined upon issuance of the court ruling, the statement noted.