SICO Capital, the Fund Manager of SICO Saudi REIT, announced that execution orders have been issued in favor of Eskan Development and Investment Company to recover rental amounts totaling SAR 15,993,927.17. The orders were submitted against Mashaar REIT Real Estate Company, the SPV holding the Fund’s assets (Eskan Towers 4, 5, and 6).
The claims relate to rental payments for Eskan Towers 4 and 6, covering the period from December 27, 2019, to December 26, 2022, in line with the signed lease agreements for a duration of three contractual years.
SICO Capital stated that this development is expected to have a negative impact on the Fund’s liquidity, which could affect its short-term ability to distribute dividends. The Fund Manager also noted that the disclosed impact does not reflect any potential future developments related to the matter.
