Logo of Derayah REIT Fund
Derayah REIT Fund began legal proceedings against the main tenant of the Smart Tower property to recover overdue rent of SAR 40 million, fund manager Derayah Financial said in a statement on Tadawul.
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The impact will depend on the outcome of the legal and regulatory proceedings, it added.
The Smart Tower is a mixed-use property in Al Olaya, Riyadh, at the King Fahd and Prince Mohammed bin Abdulaziz Road intersection, on a 3,910 sqm plot. It has eight office floors and four ground-floor showrooms, according to Argaam's data.
Khaled Abdulaziz Almuqairen and Sons Holding Co. is the main tenant, paying SAR 20 million annually for 10 years, binding on both parties.
The property accounts for about 17% Derayah REIT fund's portfolio, per the latest annual report.
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