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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. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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