Jadwa REIT Saudi expects 2020 rental income to decline 4% on COVID-19 measures

Jadwa Investment Co., the fund manager of Jadwa REIT Saudi Fund, announced the expected financial impact of the coronavirus precautionary measures on the REIT, after handling most of the rent reduction requests for the current year. 

The fund’s rents are forecast to decrease by around 4%, or SAR 5 million of the annual rental income, Jadwa Investment said in a bourse statement. 

Jadwa Investment added that it will continue studying the market to acquire, accretive income-generating assets that will contribute to the fund’s growth plans and soften the expected negative impact of the pandemic. 

Any major developments will be announced in due course, the statement added. 

In April, Jadwa investment received requests for temporary rent cuts from some tenants of Jadwa REIT Saudi’s commercial properties until the end of the pandemic precautionary measures, according to data compiled by Argaam.