23 July
23/07/2025
Derayah Financial Company Announces the Occurrence of Specific Event to Derayah REIT Fund
| Element List | Explanation |
|---|---|
| Introduction | Derayah Financial Company (“Fund Manager”), in its capacity as Manager of Derayah REIT Fund (“Fund”), announces the issuance of a preliminary court ruling for the Fund for the Smart Tower property in Riyadh. |
| Description of the Event | Derayah Financial, as manager of Derayah REIT Fund, announces that it has received notification from the fund’s attorney, Naif Mohammed Al Salem Lawyers and Consultants, stating the following:
• A preliminary court ruling has been issued by the First Large Claims Division of the General Court in Riyadh, in favor of the fund, obligating the main tenant of the Smart Tower property to pay the amount of 36 million riyals which represents part of the late rent related to the Smart Tower property in Riyadh.
This ruling is considered preliminary and is subject to appeal. It is noteworthy that the fund manager is working on several legal actions to collect the full outstanding rent and terminate the lease. |
| The Impact Caused by the Event | There is no current effect until the final judgment is issued. |