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Derayah Financial Company Announces a Material Development to Derayah REIT Fund
| Element List | Explanation |
|---|---|
| Introduction | Announcement of significant developments in the Derayah REIT Fund regarding previously published announcements concerning the Smart Tower property. |
| Description of the Event | Derayah Financial Company, in its capacity as a Fund manager of Derayah REIT Fund, announces the following updates regarding previously published announcements concerning the Smart Tower property: 1. A final and binding eviction judgment has been issued against the previous tenant, Al Thamra Al Hadetha Company. The Fund Manager has filed a direct enforcement request against the previous tenant for eviction through the Enforcement Court in Riyadh. 2. The lease agreement has been terminated on the Ejar platform. 3. Subcontracts have been transferred directly from the previous tenant to the Fund, and verification is underway to ensure that no other contracts remain outstanding. 4. Several enforcement orders have been issued against the previous tenant for amounts of SAR 36 million and SAR 10 million. Any funds seized by the enforcement authorities are being transferred. 5. The Fund Manager is pursuing several legal procedures in cooperation with legal entities to collect outstanding rent up to the date of vacating the property. |
| The Impact Caused by the Event | The effect will be reflected in the transfer of all subcontracts for current tenants from the previous tenant directly to the fund, and consequently on the rents collected, due to the previous tenant's failure to pay rents. This will enhance the ability to manage the property and increase the fund's cash flow, in addition to any amounts collected through implementation. |
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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