Al Maather REIT says tenant still occupying Al Sahafa building 1, negotiations ongoing

19/08/2021 Argaam

Logo of Al Maather REIT Fund

Osool & Bakheet Investment Co., the fund manager of Al Maather REIT Fund, announced that the tenant of Riyadh-based Al Sahafa Building 1, located on Al Olaya Street, Riyadh, is still occupying the property in accordance with the contractual obligations, which allow it to renew the contract for additional six months.

 

The funder manager, in a filing to Tadawul, indicated that negotiations are still in progress with the tenant to identify the renewal period.

 

The relevant financial impact is represented in the continuation of rental income in accordance with previous contractual conditions, the statement added.

 

The fund manager will notify the unitholders of any relevant developments in due course.

 

In March, Osool & Bakheet 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, in which the tenant expressed its desire not to renew a contract that expires on Aug. 29, 2021, Argaam earlier reported.

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