Monday, February 24, 2020 at 8:50 AM
Further to the announcement of Osool & Bakheet Investment Company published on 28/05/1441H corresponding to 23/01/2020, concerning the signing of the purchase agreement of Al Nokhba Educational Schools. Osool & Bakheet Investment Co. announces the successful completion of purchase transaction on Sunday 29/06/1441 H corresponding to 23/02/2020 with a value of SAR31,000,000 (thirty-one million Saudi riyals) in addition to value added tax of SAR1,550,000 (one million five hundred fifty thousand Saudi riyals). The seller “Creative Knowledge Company for Educational Purposes” has signed a binding lease contract (Triple Net lease contract), for a period of 15 years with an annual rental value of 2,635,000 (two million six hundred and thirty five thousand Saudi riyals), with an annual return of 8.5%. The lessee provided rental guarantees in the form of three years promissory notes to be renewed annually until the end of lease contract. In addition to pay in advance amount of rent equal to two years. The transaction will be funded through sharia complied credit facility agreement.
The property is located in the city of Unaizah, in Al-Fahd district, near the intersection of Sheikh Muhammad Bin Uthaimin Road with Prince Sultan bin Abdulaziz Street, and the building area is approximately 10,522.17 square meters built on a land area of approximately 6,694 square meters.
The Fund Manager further clarifies that there are no transactions with related parties or transactions involving conflicts of interest in this transaction
