Al Jazira REIT renews lease contract for warehouse in Jeddah for SAR 1.14 mln annually

Al-Jazira Capital announced on Tuesday the renewal of the lease contract for Warehouse No. (1), which is estimated at 10,414 square meters, with the tenant “Sawala Warehousing Co.”.

The warehouse is located in Al-Khomrah area in Jeddah and owned by Al-Jazira REIT, where the lease period will be for three years with total annual rental price SAR 1.14 mln.

The Company said Today on Tadawul that the financial impact of the deal is expected to be positive on the fund’s revenues for the year 2023, as rental price for the new contract is 37.5% higher than the previous rental price.