Riyadh – Mubasher: Osool & Bakheet Investment Company, the fund manager of Al Maather REIT Fund, has signed a Memorandum of Understanding (MoU) with Al Roqi National Schools Company to establish a new school building.

The agreement involves building and developing the Roqi National School building in south Riyadh at the Zahra district.

The school will be constructed on a land area of 7,000 square meters, and Al Roqi National Schools will lease the entire complex for a period of 26 years, according to a statement to the Saudi Stock Exchange (Tadawul).

The MOU will expire on 29 February 2020, provided that permits and building licenses will be issued from authorities, during that period, while the lease contract will be announced later.

The statement further noted that the development of property and buying the land will be financed from loan facility available to the fund, and the impact will be positive and will benefit the unit holders from the net return achieved after deduction of finance cost and fund expenses.