Riyadh – Mubasher: Al Rajhi REIT Fund has completed the acquisition of Rowad AlKhaleej International School in Dammam for SAR 244.5 million, Al Rajhi Capital announced on Tuesday.

The deal is part of the approved process of increasing the total value of the real estate investment trust fund's assets, according to a statement to the Saudi Stock Exchange (Tadawul).

Additionally, the purchase price is partly paid through the issuance of 13.6 million in-kind units and a cash sum.

The school site comprises a regular shaped piece of land measuring 20,213 square meters (m2) and a built-up area of 25,797 m2.

Al Rajhi Capital noted that the property is fully leased to AlKhaleej Training and Education Company, with an annual rent payment of SAR 18.94 million, adding that the annual rent will be increased by 7.5% every five years.

The lease with AlKhaleej Training and Education Company is for a term of 15 years starting from the date of title transfer on 24 December 2019.