Al Maather REIT says Al Sahafa building 1 tenant not to renew contract

30/03/2021 Argaam

Osool & Bakheet Investment Co., the fund manager of Al Maather REIT Fund announced it received a letter from the Ministry of Interior's General Directorate of Medical Services acting as a tenant of Al Sahafa Building 1, located in Al Olaya St., Riyadh City, in which the tenant expressed its desire not to renew a contract that expires on Aug. 29, 2021.

 

The fund manager added that the building has an annual rental value of SAR 3.8 million, or 7% of total annual rents, noting that the rental value has already been received until the end of the contract term.

 

The company also said that it will work on finding an alternative tenant to occupy the property after the expiry of the rental term of the current tenant, noting that it will duly announce any future occupancy updates.

 

The fund manager also indicated that it expects a temporary decline in the total annual rental value for the upcoming year if the property is not occupied.

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