Swicorp appoints RRC as property manager for its Saudi malls

30/06/2021 Argaam

Logo of Swicorp Wabel REIT Fund

Swicorp appointed Saudi-based RRC as a property manager for the commercial malls of Swicorp Wabel REIT Fund, replacing Akeed for Real Estate Marketing and Development.

 

The fund manager said in a bourse statement that the search for an alternative property manager was initiated since Q3 2020.

 

A competitive bidding process was conducted and RRC was selected out of 17 prospective property managers.

 

Together with RRC, Swicorp aims to optimize the performance of the Swicorp Wabel REIT portfolio.

 

RRC focuses solely on retail assets in Saudi Arabia, with experience in developing, managing, and leasing shopping centers around the country. At present, it is managing 21 retail assets in the Kingdom.

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