Al Rajhi REIT appoints Sustainable Property to manage Al Narjes Plaza, Oasis Mall

Logo of Al Rajhi REIT Fund

Al Rajhi Capital announced that Al Rajhi REIT Fund’s board of directors appointed Sustainable Property Co. to manage both Al Narjes Plaza and Oasis Mall after the end of the mandatory period of the rental contract for each property.

Such change will become effective as of March 13, 2025, Al Rajhi Capital added in a filing to Tadawul today, Feb. 26.

As for Al Narjis Plaza, the  appointment will entail a property management fee at 8% of the rent collected, except for Tamimi Markets contract, which will be calculated at 5% of the rent collected until the end of the contract.

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Regarding Oasis Mall, the appointment will entail a property management fee at 7.5% of the rent collected. This does not include Landmark Markets contract, which will be calculated at 5% of the rent collected until the end of the contract, in addition to SAR 25,000 per month plus 5% from the rents collected from new tenants as marketing and leasing fees for one year only.