OSOOL & BAKHEET INVESTMENT COMPANY announces occurrence of a specific event to AL Maather REIT Fund
Tuesday, March 30, 2021 at 4:30 PM
Description of the Event
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.
From this point on, the fund manager wants to inform you that he will work on finding an alternative tenant to occupy the property after the rental term of the current tenant reached an end and the fund manager will announce any future occupancy updates.
The Impact Caused by the Event
Temporarily decline in the total annual rental value for the upcoming
year if the property not occupied.