| Element List | Explanation |
|---|---|
| Announcement Detail | Swicorp announces the appointment of the retail real estate company as a property manager for Swicorp Wabel REIT commercial Malls as a substitute for Akeed for Real Estate Marketing and Development. |
Fund Manager would like to note that since the 3rd quarter of 2020, Swicorp (the “Fund Manager”) initiated the search for an alternative property manager. A competitive bidding process was conducted and RRC was selected out of 17 prospective property managers. Together with RRC, Fund Manager aims to optimize the performance of the Swicorp Wabel REIT portfolio.
RRC is a Saudi based property manager, and it focuses solely on retail assets in Saudi Arabia, with experience in developing, managing, and leasing shopping centers around the country. At present, it is managing 21 retail assets in Saudi Arabia
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