MEFIC REIT appoints Edara to manage Plaza 1, Dhiyafa buildings

Logo of MEFIC REIT

MEFIC Capital, the fund manager of MEFIC REIT, said that the fund’s board of directors decided to appoint Edara Co. as the property and facility manager of both Plaza 1 and Dhiyafa buildings.

The step falls within the framework of cost control and reduction, as it had started negotiations with many property and facility managers, and received some proposals to appoint property and facility manager for the two buildings, the fund manager said in a bourse filing today, June 14.

The effect is positive for Plaza 1 building as the monthly management services fees will decline from 8% to 3.5%. Moreover, the monthly facility services fees will decrease from around SAR 150,000 to SAR 100,000.

As for Dhiyafa building, the monthly management services fees will amount to 3.5% and facility services fees of SAR 80,000 per month.