Fund manager updates Al Maather REIT terms and conditions

Al Maather REIT Fund’s terms and conditions were updated, effective from June 11, fund manager Osool & Bakheet Investment Co. said in a bourse statement on Tuesday.

The updates include the following:

1) Management fee will be 0.50 percent of gross asset value after deducting expenses, instead of the same percentage of the net asset value.

2) A brokerage fee of 2.5 percent will be calculated and paid after conveyance. Brokers could be related parties.

3) Assessors fees have a maximum limit of SAR 300,000.

Other amendments to the fund’s terms and conditions include altered several technical terms, and adding Al-Saleh & Al-Sahli Law Firm to the fund’s group of legal consultants.

It also included changing the name of real estate appraiser Danat Realty to Areab Real Estate Appraisers, and adding risk articles as per the REIT regulations.

The fund manager also updated the fund’s board membership rules related to being on board other REIT funds, and has added an article concerning fund suspension or listing cancellation.

These updates are still subject to regulatory approvals, and the implementation date will be revealed at a later time, the fund manager added.