Derayah REIT says court ruling orders tenant to end lease, vacate property

08/10/2023 Argaam
Logo ofDerayah REIT Fund

Logo of Derayah REIT Fund

Derayah Financial Co., the manager of Derayah REIT Fund, said a court ruling related to an educational property (school), owned by the fund, in the Diriyah Governorate was issued, ordering the tenant to terminate the lease contract and vacate the property. 

 

The eviction lawsuit was filed due to the tenant's failure to pay rent, the fund manager said in a statement to Tadawul today, Oct. 8. 

 

Derayah Financial is currently working to implement the judgment and recover the outstanding rental arrears, the statement added. 

 

The ruling will result in the termination of a 25-year lease contract with an annual rent of SAR 3.5 million. 

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