AlJazira REIT announces changes to fund terms and conditions

Logo of AlJazira Capital

AlJazira Capital announced that the board of directors of AlJazira REIT Fund approved changes to the terms and conditions. The changes are non-fundamental, according to a statement to Tadawul.

AlJazira Capital stated that the changes to AlJazira REIT's terms and conditions included updating the lease contract information for Astra Food Co. Ltd. and Sawala Warehousing Co., as well as updating the fund's revenues and previous and targeted rental returns for each property/facility.

The changes also added the risks of zakat collection and an explanation of the zakat collection rules for investors in investment funds.

Modifying the mechanism for calculating and paying management fees for the fund, and updating the fee clause for the operations, maintenance, and marketing manager in Article (11) of the fund's terms and conditions were also approved. Additionally, clause number (13.2.3) of the fund's terms and conditions was updated to include the acquisition of fellowships by the appraisers from the Saudi Authority for Accredited Valuers (TAQEEM).

The changes also updated some of the names of the funds supervised by the fund's board members in clause (14.4), and updated the size of AlJazira Capital's assets under management as of the second quarter of 2023 in clause (15.11.3). Finally, information about the zakat consultant was added to paragraph (25.4) of Article (25).

The changes will take effect as of Nov. 15, 2023, the statement added.