Sunday, December 22, 2019 at 4:30 PM
OSOOL & BAKHEET Investment Company, fund manager of Al-Maather REIT Fund, have 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 exchange for that, the tenant will lease the entire complex (the land And the building) for a period of 26 years.
The MOU will expire on 29/02/2020, provided that permits and building licenses will be issued from authorities, during the period of validity of the memo and the lease contract will be announced later. The development of property and buying the land will be financed from loan facility available to the fund, and the impact will be positive and will benefit the unit holders from the net return achieved after deduction of finance cost and fund expenses . The annual lease payment and total lease payments will be announced upon agreement on the total development cost, and signing the lease contract which will be announced later.
