Aljazira Mawten REIT ends warehouse lease contract, expects negative impact

Aljazira Mawten REIT Fund has terminated a warehouse lease deal with Alam Al-Wisam Co., as the latter breached the contract terms, fund manager Aljazira Capital said in a bourse statement.

A negative financial impact at over 5 percent of total revenue is likely to show on the fund’s annual financial results, Aljazira Capital added.

On July 31, the fund signed a warehouse leasing contract with Alam Al-Wisam for SAR 853,660, effective on Aug. 25, 2019, Argaam reported.