MEFIC REIT appoints Sustainable Property to manage, operate Plaza 1

Logo of MEFIC REIT Fund

MEFIC Capital, the fund manager of MEFIC REIT Fund, announced the termination of the property management contract with Edara Company and the appointment of Sustainable Property Co. as the manager and operator of the Plaza 1 property located on King Abdulaziz Road, Al-Rabia District, Riyadh.

The fund manager said in a bourse filing that the fees for the new manager and operator of the property will be SAR 25,000, as a monthly administrative expenses, 4.25% collection fee and 5% one-time lease fees.

Additionally, the owner will bear the operating expenses of labor, maintenance and technicians, it noted.

MEFIC Capital said that the decision comes as part of the fund management's efforts to maximize the rent of leased properties.