Derayah REIT settles agreement with property tenant for SAR 4.5M

19/12/2024 Argaam
Logo of Derayah REIT Fund

Logo of Derayah REIT Fund

Derayah Financial, the manager of the Derayah REIT Fund, reached a settlement agreement with the former tenant of the educational property (school) located in Diriyah Governorate.

 

According to a statement on Tadawul, the agreement ended all disputes between the two parties, as the tenant will pay a total of SAR 4.5 million.

 

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The company further disclosed that this settlement was preceded with the earlier payment SAR 6 million.

 

The property’s debt will be written off, and the provision for doubtful debts, amounting to SAR 8.4 million, will be closed, the statement added.

 

In October 2023, Derayah Financial announced that a court ruling was issued requiring the tenant to terminate the lease contract and vacate the property in Diriyah, according to available data from Argaam.

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