Swicorp Wabel REIT fund manager comments on board member’s previous statement

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Swicorp Company, the fund manager of Swicorp Wabel REIT Fund, said in a statement to Argaam that it rejects the “baseless” and “implied allegations” made by Mr. Faisal Abdulkarim in his interview with Argaam published on Sept. 19.

Here is the full statement: 

Mr. Faisal Abdulkarim is not authorized to issue public statements pertaining to Swicorp Wabel REIT Fund. The interview referred to Swicorp as the “former manager” of Swicorp Wabel REIT Fund. This statement is factually incorrect and Swicorp would like to emphasize that it remains the fund manager of Swicorp Wabel REIT Fund, until necessary approvals are obtained and the handover is complete, if any.

Swicorp also rejects the statements in the published interview (for example: Swicorp’s qualifications and credentials, reason for lack of investments by Swicorp Wabel REIT Fund to date, occupancy and performance of the assets of Swicorp Wabel REIT Fund, and advertisement revenues for the Swicorp Wabel REIT Fund assets for 2020). Such statements are contrary to the facts and Swicorp disagrees with such baseless statements.

For context, Mr. Abdulkarim is a shareholder and board member of Wabel Al Arabia For Investment Company, which until recently was the majority unitholder of Swicorp Wabel REIT and whose subsidiary Akeed Real Estate for Marketing and Development Company was the property manager of Swicorp Wabel REIT Fund’s assets since inception of the fund. On June 30, 2021, Swicorp announced that it was successful in appointing Retail Real Estate Company, an independent and professional property manager to replace Akeed in order to improve the performance of Swicorp Wabel REIT Fund in the best interest of all unitholders.

Despite extremely difficult market conditions affecting the retail sector in recent years and a complicated relationship with the majority unitholder throughout the life of Swicorp Wabel REIT Fund, Swicorp is proud to have always acted in the best interests of all the unitholders including minority unitholders since inception, and it will continue to act in the most professional and transparent manner. Swicorp will in particular follow all appropriate steps as per the applicable regulations in relation to the proposed change of fund manager.

Further, Swicorp reserves the right to take appropriate measures as per the applicable regulations to safeguard the interests of the unitholders and its own.

Last, Swicorp has always disclosed information pertaining to key events relating to the Swicorp Wabel REIT Fund to the public on a timely basis and using appropriate channels, in line with the applicable regulations. Swicorp emphasizes that it is the only authorized entity to make any public disclosures regarding Swicorp Wabel REIT Fund.