Derayah Financial Announces an Event Relating to Derayah REIT (Lease Extension for “Al-Khaleejiah Business Center”)
|Announcement Detail||Derayah Financial, the fund manager of Derayah REIT, announces the signing of a binding agreement with the current master tenant of “Al-Khaleejiah Business Center” (located in Khobar) to extend the lease duration of the property by another five years. Therefore, the lease details with the current master tenant will be as follows: |
- Lease start date: 30th June 2017
- Lease end date: 29th June 2032
- Remaining lease duration: circa. 13 Gregorian years
- Annual rent amount: SR3,290,000
- Rent escalation: 5% every five years from lease start date
- Occupancy rate: 100%
Previously, Derayah REIT had acquired the property on 05/07/2018G for SR38,000,000/-
It is expected that the result of the acquisition will be positive on Derayah REIT’s financial performance in 2019. Derayah Financial confirms that there are no related parties in the transaction except as stated previously.
The Capital Market Authority and the Saudi Stock 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.