19 December
19/12/2024
Derayah REIT Fund announces an Addendum Announcement regarding The updates on the announcement published on 08 October 2023 related to the educational property
| Element List | Explanation |
|---|---|
| Introduction | Further to Derayah Financial’s announcement published on 08 October 2023 regarding the educational property (a school) located in the Al Diriyah Governorate and owned by the Fund, which required the tenant (lessee) to terminate the lease contract and vacate the property. |
| Date of the Previous Announcement | 2023-10-08 Corresponding to 1445-03-23 |
| Hyperlink to the Previous Announcement | Click Here |
| Change Details | A settlement agreement has been reached between the Fund and the previous tenant, fully resolving all disputes. This settlement includes a payment of SAR 4,500,000, in addition to SAR 6,000,000 previously paid. |
| The Impact Caused by the Change | The property debt will be written off, and the related provision for doubtful debts, totaling 8,359,863 SAR, will be closed. |