Addendum announcement from Osool & Bakheet Investment Company regarding the signing MOU with Al-Roqi National Schools Company for the purpose of developing built to suite Education Property
Wednesday, May 20, 2020 at 2:50 PM
Further to the announcement of Osool & Bakheet Investment Company (Fund Manager of Maather REIT), published on 06/07/1441H corresponding to 01/03/2020, related to extend the signed Memorandum of Understanding with Al-Roqi National Schools Company for the purpose of developing and build ROQI national school in south Riyadh at Zahra district. The school will be constructed on built to suit concept on a land area of 7000 meters (seven thousand square meters), in return for that, the tenant will lease the entire complex (the land and the building) for a period of 26 years, the MOU to be expired on 31/05/2020.
Osool & Bakheet Investment Co and Al-Roqi National Schools Company have agreed to extend MoU’s validity for a further period until 31/10/2020, in order to allow additional time to issue needed permits and licenses. All the terms and conditions of the MoU remain unchanged.
It is worth noting that there are no related parties or financial impact arising from the extension of the Memorandum of Understanding, and the company will announce later any other substantial developments that may occur in this regard.