Riyadh – Mubasher: Al Wasatah Al Maliah (Wasatah Capital), acting as the manager of Alwaha REIT Fund, announced the formalization of a lease agreement with Shumou Food Trading Company for a commercial unit within the fund's portfolio, according to a bourse filing.
The transaction involves the rental of a showroom at Shahd Offices, classified as a related party transaction due to the ownership structure of the lessee and its ties to the fund’s major shareholders.
The lease agreement has been signed for a duration of one year, with the contract period set to conclude in May 2027.
The disclosure further provided specific details regarding the contractual arrangement for Showroom Number 2 located in Shahd Offices and Lounges building.
Meanwhile, the financial terms of the agreement stipulate a total rental value of SAR 296,604, exclusive of Value Added Tax (VAT).
In terms of its relative weight within the fund’s broader financial performance, Wasatah Capital noted that the lease represents approximately 1.31% of Alwaha REIT’s total revenues. This calculation is based on the audited financial statements issued for the period ending in late 2025.
Despite the addition of this rental income, the fund manager clarified that the occurrence of this specific event is expected to have no immediate material impact on the fund’s current operations.
Shumou Food Trading, the lessee, is not an independent third party. The ownership of the trading firm is divided between two primary entities with established links to Alwaha REIT. Specifically, 40% of Shumo Food Trading is owned by Shumo Commercial Investment Company Limited.
The 60% equity is held by Abdulaziz bin Fahd bin Mugayel, a shareholder in Shumou Commercial Investment Company Limited and a major unitholder in the fund.
