‎Mulkia REIT appoints “Gulf Real Estate Company” West Avenue property manager

‎Mulkia REIT appoints “Gulf Real Estate Company” West Avenue property manager

In its capacity as the fund manager of Mulkia Gulf Real Estate REIT, Mulkia Investment Company announced the appointment of Gulf Real Estate Company as property manager for the fund-owned West Avenue Mall in Dammam.

According to a statement on Tadawul, Gulf Real Estate will manage the property rental, maintenance and supervision against SAR 800,000 annual management fees. This covers the expenses of the employment costs of the property management key personnel; in addition to 4% of the collected rental fees paid from the collected rents, and 5% of the new lease contracts to be paid once for each new lease contract.

The statement added that the fund will bear the property operating and maintenance expenses, indicating that Gulf Real Estate, being a major unit-holder of the fund, is already an associated party.

The appointment of the property manager is expected to have a positive impact on the fund, especially that most of the property management service fees are related to the actual collection and lease of any of the property vacant spaces.

According to data collected by Argaam, Mulkia Investment Company in its capacity as the manager of Mulkia Gulf Real Estate REIT Fund announces that it has received a letter from Gulf