Jadwa REIT Saudi inks lease for Boulevard Riyadh with new operator

16/10/2024 Argaam
Logo ofJadwa REIT Saudi Fund

Logo of Jadwa REIT Saudi Fund

Jadwa REIT Saudi Fund signed a new management, operation and leasing agreement with Sareed Development & Real Estate Investment Co. for the Boulevard Riyadh complex, under which the latter will become the property’s new operator.

 

Accordingly, Sareed will carry out works related to leasing, marketing, managing, operating and maintenance oversight of the complex, fund manager Jadwa Investment said in a statement to Tadawul today, Oct. 16.

 

The new lease came after the expiry of the contract for the management, operation and leasing of Boulevard Riyadh with NMR Real Estate Co.

 

The contract term is three years and two months, effective as of Oct. 29. There are no related parties in this regard.

 

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Jadwa Investment expects a positive impact on the fund's financial results in Q2 2025.

 

According to data available to Argaam, Jadwa REIT Saudi acquired, in October 2021, the Boulevard Riyadh complex, which comprises commercial and office spaces, in a SAR 320 million deal.

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