Addendum Announcement from Osool & Bakheet Investment Company regarding occurrence of a specific event to AL Maather REIT Fund
Thursday, August 19, 2021 at 5:45 PM
Description of the Event:
Further to the announcement of Osool and Bakheet Investment Company, the manager of Al-Ma'ather REIT Fund, published on 17-08-1442 AH, , corresponding to 30-03-2021G The fund manager received a letter from the General Directorate of Medical Services MOI acting as a tenant of Al Sahafa building 1 located in Al Olaya street in Riyadh city according to the following coordinate (24°47'49.2"N 46°38'00.3"E), it states the tenant’s desire not renewing a contract that expires on 21/01/1443 Hijri Corresponding to 29/08/2021G , which is the annual rental value of SAR 3,800,000 (three million eight hundred thousand), it represents 7% from the total annual rents, note that the rental value already received until the end of the contract term.
The fund manager would like to inform the fund's units owners that the tenant is still occupying the property and in accordance with his contractual obligations, which allow him to renew for an additional six months after the end of the contract. The fund manager, the unit holders, at the time when any developments in this regard occur.
The Impact Caused by the Event:
Continuation of rental income in accordance with previous contractual conditions