Announcements
Jadwa Investment Announces the Occurrence of Specific Event to Jadwa REIT Saudi Fund
Wed, 16 October 2024
Jadwa Investment Company, in its capacity as the manager of Jadwa REIT Saudi Fund (the “Fund”) announces the expiration of the contract for the management, operation and leasing of Riyadh Boulevard Complex (the “Complex”) with NMR Real Estate Company, and signing a new management, operation and leasing agreement for the Complex with Sareed Development and Real Estate Investment Company as the new operator of the Complex, to carry out the responsibilities of leasing, marketing, managing, operating and supervising the maintenance of the complex.
Jadwa Investment Company in its capacity as the fund manager would like to announce that the procedures for signing the agreement for the management, operation and leasing of the Riyadh Boulevard Complex have been completed with Sareed Development and Real Estate Investment Company.
The Contract term is three years and two Gregorian months, and the Contract term begins on 29/10/2024G.
The Fund Manager also confirms that there is no related party regarding the appointment of the New Operator.
It is expected that this shall have a positive impact on the Fund's financial results in the second quarter of the year 2025G.