Addendum Announcement from Osool & Bakheet Investment Company regarding occurrence of a specific event to AL Maather REIT Fund

Tuesday, September 07, 2021 at 6:00 PM

Date of the previous announcement

11-01-1443 AH corresponding to 19-08-2021G


URL of the Previous Announcement

Click here


Description of the Event

Further to the announcement of Osool and Bakheet Investment Company, the manager of Al-Ma'ather REIT Fund, published on   11-01-1443 AH corresponding to 19-08-2021G regarding the contractual status with the tenant "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).

The fund manager would like to inform the unit owners that he has received a letter from the tenant stating his desire to renew the contract for a period of one year starting from 22/01/1443 AH until the date of 21/01/1444 AH, with an annual rental value of 3,800,000 (three million eight hundred thousand) Saudi riyals. Accordingly, the property will continue to be occupied by the tenant for an additional year.


The Impact Caused by the Event

The positive effect is represented in continuation of rental income from
the property.