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Addendum Announcement from Alkhabeer Capital on Material Developments in Alkhabeer REIT Fund

14 April 2021

 – Announcement –

Addendum Announcement from Alkhabeer Capital on Material Developments in Alkhabeer REIT Fund

Following the announcement of Alkhabeer Capital, Fund Manager of Alkhabeer REIT Fund (“the Fund”), dated April 07, 2021, and posted on the Fund Manager’s website, as well as on Tadawul’s website, regarding the termination of the lease contract for the Gallery Mall in Tabuk and what was stated in it about assigning the real estate asset to new operators.

Accordingly, the Fund Manager announces that the Fund’s Board of Directors has approved its recommendation regarding the appointment of Almahmal Facilities Services Company to carry out maintenance and operation work for the real estate asset, and Gulf GMC for property management, marketing and leasing of the real estate asset.

These appointments are expected to have a positive impact on the rental and revenue of the real estate asset, as a higher level of rental collection is expected.

– Ends