AlAhli REIT 1 says Jeddah’s Salama Tower lease expires

07/08/2024 Argaam
Logo ofAlAhli REIT 1 Fund

Logo of AlAhli REIT 1 Fund

SNB Capital, in its capacity as the manager of AlAhli REIT 1 Fund, announced the expiry of the lease for Salama Tower located in Al Salama district on Madinah Road in Jeddah.

 

The company said in a statement to Tadawul that the property was fully leased to a master tenant with a five-year contract. In the future, the property will be managed and operated by a property manager specializing in the offices sector in Jeddah. The fund manager will announce any material updates in due course.

 

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The statement pointed out that the occupancy rate of the property so far is approximately 98.5% involving several tenants, and, therefore, there is no material impact to be expected from this event.

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