Al Mashaar REIT terminates management deal with Eskan Tower 5 tenant

22/06/2021 Argaam

Logo of Al Mashaar REIT Fund

Muscat Capital Co., the fund manager of Al Mashaar REIT Fund, announced the decision not to renew the management, marketing and maintenance agreement with Eskan  Development and Investment Co. (Amnest Group), expiring on Dec. 25, 2021. 

 

The fund manager is currently working on studying offers for managing, marketing and maintaining the property, and will announce updates after taking the necessary approvals.

 

There will be no financial impact on the fund, the fund manager said in a bourse filing.

 

According to data compiled by Argaam, in December 2020, Al Mashaar REIT received a notification from Amnest Group, tenant of Eskan Tower 5, requesting the termination of the rent contract.

 

Eskan Tower 5, spanning 1,395 square meters located in Makkah, is a hotel tower to accommodate pilgrims with a rent value of SAR 12.3 million per annum.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Most Read