AlJazira REIT updates terms, conditions

Logo of AlJazira Capital

AlJazira Capital announced an update to the AlJazira REIT’s terms and conditions, which include changes to lease agreements, revenue, management fee calculation, and the payment mechanism.

The main updated items included information related to the lease contracts of Astra Food Co. Ltd. and Sawala Warehousing Co. in the fund’s terms and conditions.

They also included the fund’s revenues, previous and target rental returns for each real estate or facility, as well as the risks of collecting Zakat and a clarification regarding the rules of collecting Zakat from investors in investment funds.

In addition, the updates included amending the mechanism for calculating and paying fund management fees to be calculated and paid on a semi-annual basis.

Aljazira Capital made updates on the fees for operating, maintenance, and marketing manager items, whereby the fund will pay the cost of periodic maintenance of the fund’s properties.

It also updated point number 13.2.3 of the fund’s terms and conditions, which includes valuators obtaining the fellowship of the Saudi authority for accredited valuers.

Moreover, the updates included updating some of the names of the funds supervised by members of the AlJazira REIT’s board of directors in point number 14.4 of the terms and conditions.

They also included updating the size of managed assets for Aljazira Capital as of Q2 2023 in point number 15.11.3 of the terms and conditions.

The changes will take effect as of Nov. 15, 2023, the statement added.

Read the updated terms and conditions in the attached document below: