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Adeer’s deal with Sumou Taibah Real Estate involves 157-unit Sumou Gate-Commercial Center
Adeer Real Estate Co. signed on Jan. 27 an exclusive agreement with Sumou Taibah Real Estate Co. to provide marketing, leasing, and property management services for Sumou Gate-Commercial Center project, located in Madinah, according to a statement to Tadawul.
The project comprises 157 commercial units with a total leasable area of 17,360 square meters, the statement added.
The company will receive a brokerage commission equal to 5% of the first year’s rental value for leased units. It will also earn property management fees amounting to 5% annually of the total annual rental value collected from tenants.
The agreement will be valid for a period of three calendar years and will be automatically renewed unless either party notifies the other of its intention not to renew.
The relevant financial impact is expected to appear starting from the date of signing and the commencement of leasing, operation, and management activities.
Sumou Taibah is considered a related party, the statement added.
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