AlJazira REIT announces warehouse lease developments

AlJazira REIT announces new tenant for one of its properties but with same annual rate

AlJazira Capital received a letter from the tenant of Warehouse No. (1) in Block No. (10) (First Complex), Astra Grains Ltd Co., stating that it has experienced difficult financial circumstances leading to the complete closure of its operations.

In a Tadawul statement, the fund manager said the letter requests approval to terminate the lease and transfer the lease to an alternative tenant, Hassan Ali Al-Touri Co., which operates in the same sector.

The current lease with Astra Grains expires on Aug. 31, 2026, with an annual rent of SAR 1.48 billion.

Accordingly, the lease with Astra Grains was terminated, and a new lease agreement was signed with the tenant, Hassan Ali Al-Touri Co., for a period of one year, expiring on Aug. 31, 2026, at the same rental rate as the previous tenant.

The one-year lease runs from Sept. 1, 2025, through Aug. 31, 2026, with an annual rent of SAR 1.48 million.

There is no financial impact on the fund, as the value and duration of the lease have not been changed.