Derayah Financial, the fund manager of Derayah REIT, announces the signing of a binding agreement with the current master tenant of “Al-Khaleejiah Business Center” (located in Khobar) to extend the lease duration of the property by another five years. Therefore, the lease details with the current master tenant will be as follows:

– Lease start date: 30th June 2017

– Lease end date: 29th June 2032

– Remaining lease duration: circa. 13 Gregorian years

– Annual rent amount: SR3,290,000

– Rent escalation: 5% every five years from lease start date

– Occupancy rate: 100%

Previously, Derayah REIT had acquired the property on 05/07/2018G for SR38,000,000/-

It is expected that the result of the acquisition will be positive on Derayah REIT’s financial performance in 2019. Derayah Financial confirms that there are no related parties in the transaction except as stated previously.