Riyad REIT renews annual lease contract of Saudi Electronic University's headquarters for SAR 12 mln

03/11/2021 Argaam

Logo of Riyad REIT Fund

Riyad Capital, the fund manager of Riyad REIT Fund, announced that the fund renewed the lease contract of the Saudi Electronic University's main campus until April 12, 2024, with an increase in the annual rent value from SAR 11.4 million to SAR 12 million, according to a bourse statement.

 

The renewal with a strong government educational institution reflects the quality of the property and its prominent location within a growth corridor in Riyadh, combined with its proximity to transportation facilities, namely metro and bus stations.

 

The financial impact of the renewal is expected to be positive, as it will likely increase the fund's revenue, the statement added.

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