Al Mashaar REIT receives tenant request to reassess second due rent installment for 2020

02/07/2020 Argaam

 

Al Mashaar REIT Fund received a notification from Eskan Development & Investment Co. (Amnest Group), a tenant, requesting the reassessment of the due rents of the second installment for 2020, Muscat Capital, the fund manager said in a bourse statement.

 

The step came as result of the decision issued by the Ministry of Hajj and Umrah to limit the Hajj season this year to a very limited number of pilgrims from within the Kingdom with continuing to suspend Umrah on the back of the COVID-19 measures.

 

The fund manager added that any future developments or new leasing arrangements will be disclosed after discussing the tenant’s request in relation to the leased properties, noting that the exact impact of the matter is difficult to be accurately determined at the mean time.

 

In May, Muscat Capital Co. approved a request from Eskan Development and Investment Co., a tenant of Al Mashaar REIT Fund’s properties, to defer rent payment for the period from March 15 to June 30, 2020, Argaam reported.

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