Derayah Financial Announces the Occurrence of Specific Event to Derayah REIT Fund regarding the leasing of a Hotel Tower

August

04/08/2024

Derayah Financial Announces the Occurrence of Specific Event to Derayah REIT Fund regarding the leasing of a Hotel Tower

Element List	Explanation
Introduction	Derayah Financial (“Fund Manager”) Announces an Event Relating to Derayah REIT (“The Fund”) regarding the leasing of a Hotel Tower.
Description of the Event	Derayah Financial the fund manager of Derayah REIT (“The Fund”), announces the leasing of a tower to a master tenant. The tower is located in AlOlaya district, AlOlaya Main Street, Riyadh, owned by the Fund. – The lease term is 15 years with a grace period of 12 Months. – The rent starts with SR 5,500,000 and escalates to SR 7,500,000 over the lease term. The average annual rent is SR 6,500,000.
The Impact Caused by the Event	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.

Element List

Explanation

Introduction

Derayah Financial (“Fund Manager”) Announces an Event Relating to Derayah REIT (“The Fund”) regarding the leasing of a Hotel Tower.

Description of the Event

Derayah Financial the fund manager of Derayah REIT (“The Fund”), announces the leasing of a tower to a master tenant. The tower is located in AlOlaya district, AlOlaya Main Street, Riyadh, owned by the Fund.

– The lease term is 15 years with a grace period of 12 Months.

– The rent starts with SR 5,500,000 and escalates to SR 7,500,000 over the lease term. The average annual rent is SR 6,500,000.

The Impact Caused by the Event

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.

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