05
May
05/05/2025

Derayah REIT Fund announces an Addendum Announcement Regarding Developments Related to the Announcement Published on September 18, 2024, Concerning the Initiation of Legal Procedures Against the Master Tenant of the Smart Tower Property

Element ListExplanation
IntroductionDerayah REIT Fund announces an Addendum Announcement Regarding the Announcement Published on September 18, 2024, Concerning the Initiation of Legal Procedures Against the Master Tenant of the Smart Tower Property
Date of the Previous Announcement2024-09-18 Corresponding to 1446-03-15
Hyperlink to the Previous AnnouncementClick Here
Change DetailsDerayah Financial Company announces that it has received a notification from the Fund’s legal advisor, Naif Mohammed Al-Salem Law Firm and Legal Consultants, stating the following: 

A final judicial ruling has been issued by the Eighth Civil Circuit of the Court of Appeals in the Riyadh Region in favor of the Fund. The ruling rejects the claim filed by the master tenant of the Smart Tower property, Al Thamara Al Haditha Company (Commercial Registration No. 1010161292), which alleged that the enforceable bond in question had been settled. As a result, the enforcement procedures and seizure of the company’s accounts will continue.

The Impact Caused by the ChangeThe financial impact will be reflected based on the outcome of the legal and regulatory procedures and the recovery of the due amounts.
Additional InformationThe Company will announce any material developments in this regard in due course and may continue to take any future actions that could serve the best interests of the Fund’s unitholders.