News

Announcement by SNB Capital regarding a material development in AlAhli REIT Fund (1)

1
Published: 07 Aug 2024
Explanation Element List
SNB Capital, in its capacity as the fund manager of AlAhli REIT Fund (1), announces the expiry of the lease contract for Salama Tower, located in the Al Salama district on Madinah Road in Jeddah. The property was previously fully leased to a master tenant under a 5-year contract. Going forward, the property will be managed and operated by a third-party property manager specializing in Jeddah office sector. The Fund Manager will announce any material updates in due course. Description of the Event
As of today, the property is 98.5% occupied by multiple tenants. As such, a material impact is not expected due to this event. The Impact Caused by the Event