Jadwa REIT Al Haramain receives notice to suspend lease contracts for 2 properties

29/03/2020 Argaam

 

Jadwa Investment, fund manager of Jadwa REIT Al Haramain Fund, received a notice from tenants of Tharawat Al Taqwa Hotel and Pharmacy Building, the two properties owned by the REIT, to temporarily suspend lease contracts until the authorities lift the suspension.

 

The fund manager said in a bourse filing on Sunday that the notice came after the government temporary suspended Umrah and international and domestic flights in line with its initiative to prevent the spread of coronavirus across the Kingdom.

 

The event will have a negative impact on the fund's returns, but the exact financial implication cannot be ascertained at present.

 

Any further developments will be disclosed in due course, the statement added.

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