Logo of Derayah REIT Fund
Derayah REIT Fund leased a hotel tower located on Al-Olaya Main Street, Riyadh, to a master tenant, fund manager Derayah Financial said in a statement to Tadawul.
The annual rent starts at SAR 5.5 million and rises to SAR 7.5 million over the lease term, bringing the average annual rent to SAR 6.5 million.
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The lease term is 15 years with a grace period of 12 months, the statement said. As a result, the occupancy rate of the fund's properties will increase.
The impact is expected to be generally positive, which will be reflected in the fund's results during the second half of 2024, Derayah Financial stated.
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