Addendum announcement from Osool & Bakheet Investment Company regarding the conclusion of Al Maather REIT fund agreement on the purchase of real estate on 11/09/1440H corresponding to 16/05/2019G

Sunday, September 08, 2019 at 9:00 AM

Further to the announcement of Osool & Bakheet Investment Company published on 11/09/1440H corresponding to 16/05/2019, concerning the conclusion of the purchase agreement of Towlan Hotel Suites located in Al-Khobar City. Osool & Bakheet Investment Co. announces the successful completion of purchase transaction on Thursday 06/01/1441 H corresponding to 05/09/2019 with a value of SAR22,000,000 (twenty-two million Saudi riyals) in addition to value added tax of SAR1,100,000 (one million and one hundred thousand Saudi riyals). The property has a binding leased contract (Triple Net lease contract), for a period of 10 years with an annual rental value of SAR2,310,000.00 (two million three hundred and ten thousand Saudi riyals), with an annual return of 10.5%. The lessee provided rental guarantees in the form of promissory notes covering the duration of the contract.

The property is located in the city of Al Khobar in Olaya district on 21st Street. Built on land area equal to 1750 SQM, with BUA equal to 6276 SQM.

The Fund Manager further clarifies that there are no transactions with related parties or transactions involving conflicts of interest in this transaction