Announcement by Jadwa Investment Company regarding an update to the terms and conditions of Jadwa REIT Al Haramain Fund.
Thu, 07 September 2023
Jadwa Investment Company announces the update of the terms and conditions of Jadwa REIT Al Haramain Fund as of 22/02/1445H corresponding to 07/09/2023G
The updated terms and conditions can be found in the below link:.
Effective date of the update to fund’s terms and conditions:
2023-09-07 Corresponding to 1445-02-22
Summary of the updated items:
- Updating the Fund's approved evaluators where Esnad Real Estate Valuation and Barcode Company have been appointed.
- Increase the external auditor fee by 30,000 SAR.
- Reducing the Management Fees amounting to 1% of the Net Asset Value, which was suspended temporarily due to the Coronavirus (COVID-19) pandemic pursuant to the Fund Manager's announcement dated 27/08/1441H corresponding to 20/04/2020G. Accordingly, the Management Fees following the reduction shall be:
The Fund shall pay the Fund Manager a Management Fees according to the following: (a) 0.5% annually of the Fund’s Net Asset Value, and (b) 5% of the Fund’s total annual revenue, paid semi-annually and calculated based on the performance of each year separately, provided that the total Management Fees does not exceed 0.75% of the Fund’s Net Asset Value, for the purposes of Management Fees, “Fund’s total revenue” means gross income from rentals of real estate assets, not including any capital gains.