Derayah Financial the fund manager of Derayah REIT (“The Fund”), announces the leasing of the educational property (school) located in Al-Diriyah Governorate, owned by the Fund, this follows the termination of the lease agreement with the previous tenant based on a court ruling dated 21/3/1445 H (6/10/2023), which led to the lease termination and property eviction, as previously announced.

– The lease term is 25 years with an annual rent of 4 million Saudi Riyals, with a 7.5% rent increase every five years.

– We have collected an amount of 5 million Saudi Riyals from the outstanding dues of the previous tenant, and we are currently pursuing the collection of the remaining outstanding amounts.

The impact is expected to be generally positive, which will be reflected in the Fund’s results during the second half of 2024.