Riyadh — Mubasher: Al Aziziah REIT Fund unveils updates to terms and conditions effective 7 October.
The revisions encompass several key operational areas, including the dividend distribution policy, board of directors' details, and reporting requirements for unit holders.
The SAR 572.40 million fund, which comprises 57.24 million units, continues to follow a Sharia-compliant investment strategy.
According to the updated documentation, the fund aims to distribute at least 90% of its annual net profits to investors on a quarterly basis.
The investment mandate requires a minimum allocation of 75% of total asset value to developed, income-generating real estate within Saudi Arabia, while allowing up to 25% for investments outside the Kingdom.
The fund’s portfolio includes three major hospitality assets in Makkah—Eskan Towers 4, 5, and 6—acquired for a combined cost of SAR 572.40 million.
These assets are subject to 15-year lease agreements with 10% rent every five years.
Al Wasatah Al Maliah (Wasatah Capital), which manages total assets exceeding SAR 777.50 million, confirmed that the updates also include revised terminology and unit holder meeting protocols.
Last month, the fund inked a lease agreement with Amlak International Finance for a property covering 1,400 square meters in Building C of the I-Offices property in Riyadh.
