Al Mashaar REIT says Eskan Tower 5 tenant won't renew contract from December 2021

16/12/2020 Argaam

Al Mashaar REIT received a notification from Eskan Development & Investment Co. (Amnest Group), tenant of Eskan Tower 5, requesting the termination of the rent contract on Dec. 27, 2021, Muscat Capital, the fund manager said in a bourse statement.

 

Under the rent contract, the tenant is entitled to terminate the contract after the first four years of the signing date -- Dec. 27, 2017.

 

The fund manager can’t determine the relevant financial impact at present, as it depends on the performance of the hospitality industry in Makkah.

 

Updates will be duly revealed, the statement added.

 

Eskan Tower 5, which spans 1,395 square meters in Makkah, is a hotel tower to accommodate pilgrims with a rent value of SAR 12.3 million per annum, Argaam reported.

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