Jeddah: Al Mashaar REIT Fund intends to acquire new properties after previously obtaining facilities from Riyadh Bank worth SR500 million, Argaam reported citing the fund's manager, SICO.
The bank facilities represents 23 percent of the fund's total assets value.
The fund’s rental contracts in Makkah, amounted to SR7.8 million for each rental year of 2020 and 2021, indicating that investment in Makkah and Madinah would have a positive impact in the medium and long term.
Noting that their value of annual rents was reduced by 80 percent due to the conditions of the pandemic, and its great impact on the real estate market in the two Holy Mosques.
Despite these challenges, the fund succeeded in distributing 1 percent in 2020, and waived all its administrative fees during that period, in an effort to achieve the fund’s goals and not to incur additional losses during the pandemic period.
