Al Rajhi REIT Fund releases lockup on units of Al Khaleej Training

Logo of Al Rajhi Capital

Al Rajhi Capital, the fund manager of Al Rajhi REIT Fund, announced that the fund’s board of directors approved non-fundamental changes, which will be effective from Jan. 26, according to a bourse statement.

The changes include releasing the lockup on the 26.40 million units owned by Al Khaleej Training and Education Co., the master tenant of Baraem Rowad Al Khaleej International Kindergarten, Riyadh, Rowad Al Khaleej International Schools, Riyadh, Rowad Al Khaleej International Schools, Dammam, in return of submitting promissory notes as a guarantee to pay the rent for the remaining period.

The lease term is 15 years, starting Dec. 24, 2019, the company said, adding that the lockup period stated in the terms and conditions is three years, starting from Jan. 6, 2020.

In addition, the board approved appointing Medad Al Khair Real Estate to conduct the handover works from the previous lessee Al Fouzan Trading & General Construction and act as a manager of the properties and facilities of Anwar Plaza and Rama Plaza.

In October 2021, Al Rajhi Capital announced the appointment of a legal counsel, after negotiations and judicial sessions, for the litigation against Al-Fouzan Trading in its request to balance the lease contract of Al-Narjis, Al-Anwar and Rama Plaza, claiming inability to benefit from the leased property, Argaam earlier reported.