Aljazira REIT tenants request rent waiver on COVID-19 measures

Aljazira Capital Co. received a notification from Petromin Co. and H. M. Al Rugaib & Sons Trading Co., tenants of Aljazira Mawten REIT Fund's (Aljazira REIT) properties, requesting to waive due rents during the 24-hour curfew period, the fund manager said in a bourse statement.

The request came on the back of impacted rent returns affected by the precautionary measures issued by relevant government authorities to combat the COVID-19 outbreak.

Aljazira Capital expects these developments to have a negative impact on the fund’s performance, however, it is currently difficult to assess the exact financial impact as there is still uncertainty over the timeframe for the precautionary measures.

The firm added that it is presently identifying requests received from tenants and studying each application in a manner that preserves the interest of unitholders in accordance with the laws and regulations in Saudi Arabia.

Any further significant developments regarding the matter will be disclosed in a timely manner, the fund manager noted.