AlJazira Mawten REIT cuts warehouse rents in Jeddah

13/12/2017 Argaam

AlJazira Mawten REIT's board of directors on Tuesday approved reducing the current rents of its warehouses located in Khomrah district, Jeddah, the fund said in a bourse statement.

 

The financial impact will stand at nearly 13 percent of the fund's total income starting 2018.

 

The move came in response to tenant demands to reduce the rents amid changes in the current real estate market conditions and the recommendation of Mawten Real Estate Co. to maintain the current operating rates.   

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