Derayah Financial Announces the Occurrence of Specific Event to Derayah REIT Fund regarding the leasing of an educational facility
| Element List | Explanation |
|---|---|
| Introduction | Derayah Financial (“Fund Manager”) Announces an Event Relating to Derayah REIT (“The Fund”) regarding the leasing of an educational facility. |
| Description of the Event | Derayah Financial the fund manager of Derayah REIT (“The Fund”), announces the leasing of the educational property (school) located in Al-Diriyah Governorate, owned by the Fund, this follows the termination of the lease agreement with the previous tenant based on a court ruling dated 21/3/1445 H (6/10/2023), which led to the lease termination and property eviction, as previously announced:
- The lease term is 25 years with an annual rent of 4 million Saudi Riyals, with a 7.5% rent increase every five years. - We have collected an amount of 5 million Saudi Riyals from the outstanding dues of the previous tenant, and we are currently pursuing the collection of the remaining outstanding amounts. |
| The Impact Caused by the Event | The impact is expected to be generally positive, which will be reflected in the Fund's results during the second half of 2024. |
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