Aljazira REIT renews warehouse lease in Jeddah, expects negative impact on 2021 revenue

27/04/2021 Argaam

Logo of Aljazira REIT Fund

Aljazira Capital announced the renewal of the lease contract for warehouse No. 2 of Block 10, owned by Aljazira REIT Fund, with Petromin Co., according to a bourse filing.

 

The nearly 10,000 square meter warehouse is located in the Al-Khomrah area of Jeddah.

 

The lease period is five years, starting May 1, 2021, until April 30, 2026, with an annual rent of SAR 850,000.

 

The deal’s financial impact is expected to be negative on the fund’s revenue for 2021 since the current income will decrease by 6.04% from 2020. The new rent contract is 39.2% lower than last year, as the tenant sought rent reduction according to the existing warehouse rentals in the area.

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