AlJazira REIT renews Jeddah warehouse lease for SAR 1.2 mln annually

03/10/2023 Argaam

AlJazira REIT renews Jeddah warehouse lease for SAR 1.2 mln annually

Logo of AlJazira Capital

AlJazira REIT Fund renewed a lease with the tenant, Sawala Storage Co. Ltd., for warehouse No. 1 that spans nearly 10,414 square meters in Al-Khomrah Logistics Zone, the fund manager, AlJazira Capital, said in a filing to Tadawul.

 

The contract will be renewed for three years starting Nov. 20, 2023, with an annual rental value of SAR 1.15 million.

 

The relevant financial impact will reflect positively on the fund's revenues for 2023, AlJazira Capital said, adding that the rental value, as per the new contract, is 37.5% higher than the previous.

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