Jadwa REIT Saudi reduces fund manager’s fees

Logo of Jadwa Investment Co.

Jadwa Investment Co. announced that the board of directors of Jadwa REIT Saudi Fund approved some non-fundamental changes, the company said in a statement to Tadawul.

The changes included reducing the fund manager’s fees, amounting to 1% of the fund’s net asset value, which had been temporarily suspended due to COVID-19 pandemic, according to the fund manager’s announcement published on April 20, 2020.

The fund manager will be paid 0.5% of the fund’s annual assets value and 5% of the fund’s annual revenue. The renumeration will paid bi-annually based on the performance of each year separately, provided that the total management fees do not exceed 0.75% of the fund’s net asset value. For the purposes of management fees, “the fund’s total income” means the total income from rentals of real estate assets, not including any capital gains.

Moreover, the fund appointed Esnad Real Estate and Barcode Co. as the fund’s approved appraisers.

The auditor’s annual fees have been raised by SAR 30,000, the statement added, noting that the all the aforesaid changes will be valid as of Sept. 7.