Announcement By SICO Capital Company regarding the occurrence of a specific event in SICO Saudi REIT Fund
| Element List | Explanation |
|---|---|
| Description of the Event | SICO Capital Company announces in its capacity as the fund manager of SICO Saudi REIT leasing Eskan Hospitality Towers, which are owned by the Fund (Eskan Tower 4, Eskan Tower 5 and Eskan Tower 6) to Moro International Company for Apartments and Hotels, and for a net lease value of SR 9,130,435.
The lease agreements expire on 31 December 2023, which allows the Fund Manager to re-assess the leasing rates for these properties prior to the Ramadan and Hajj Season of the Hijri Year 1445, in-line with the prevailing market conditions and what serves the interests of the unitholders. |
| The Impact Caused by the Event | The impact will be positive as Eskan 5 Tower lease agreement expired on 26 December 2021 while the lease agreements for Eskan 4 and Eskan 6 Towers expired on 26 December 2022. |
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