Al-Jazira Capital announces the occurrence of a specific event for Al-Jazira REIT
Description of the Event
Al-Jazira Capital as the Fund manager of Al-Jazira REIT announces the occurrence of a specific event for the Al-Jazira REIT, announces that it has received a preliminary judgment deed on September 19, 2021 corresponding to Safar 12, 1443 AH in favor of the fund and its subject matter (claim for property rent) filed against (Takhzeen Logistics Company), where the General Court in Riyadh ruled obligating the defendant (Takhzeen Logistics Company) to hand over to the Fund an amount of five million two hundred and twenty-six thousand seven hundred and ninety-two riyals representing the value of the rental payments due from the rental but not paid. Second: Disregarding the plaintiff's claim for value-added tax for lack of jurisdiction. Third: Refusal of the defendant's request to reduce the defendant's rental . The court has clarified that two parties that they have the right to object to this ruling for a period of thirty days starting from the date of the issuance of the ruling.
The Impact Caused by the Event
It is expected that the impact of this event will be positive on the cash distributions of the Fund in the event that the judgment is final, and any material developments in this regard will be announced in the future.