News & Announcements

ALWAHA REIT

25 June, 2024 08:05

Announcement by Wasatah Capital regarding the occurrence of a specific event in Alwaha REIT Fund

Element List	Explanation
Description of the Event	Wasatah Capital Company in its capacity as the fund manager of Al Waha REIT Fund, announces signing a lease contract with Shumou Food Trading Company (Owned by a related party) to rent Showroom No. 2 in the Shahad Offices and Showrooms Building for a period of one year ending May 2025G for a total amount of 277,200 Saudi Riyals excluding VAT , which represents 1.39% of the total revenues of the Fund based on the audited financial statements issued at the end of 2023G.
The Impact Caused by the Event	Increase in fund’s occupancy rations and decreases the vacancies rations.
Additional Information	Shumou Food Trading Company is 60% owned by Shumou Commercial Investment Company Limited (Major Unitholder & property manager of some of the Fund’s properties as per what was disclosed in the fund’s terms and conditions) and 40% by Mr. Abdulaziz bin Fahd bin Mugayel (Shareholder in Shumou Commercial Investment Company Limited and a major unitholder in the fund).

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