Riyadh – Mubasher: Aljazira Capital, the fund manager of Aljazira REIT Fund, has renewed a lease agreement for warehouse number 2, located in block number 10 of the second complex in the Al Khumra district of Jeddah.
The facility covers an area of 10,000 square meters and is leased to the current tenant, Petromin Company.
The renewed contract spans a duration of three years, commencing on 1 May 2026 and concluding on 30 April 2029.
Under the terms of the agreement, the annual rent is set at SAR 1.35 million, excluding value-added tax.
The fund manager expects the financial impact of this transaction to be positive for the 2026 revenue. New rental price represents a 59% increase compared to the previous lease rate for the same asset.
This renewal ensures continued occupancy for the Jeddah-based industrial property while significantly enhancing the fund's income profile over the next three years.
At the end of June 2026, the fund reported a net asset value (NAV) of SAR 90.75 million, with the NAV per unit standing at SAR 7.69.
