Announcement by Osool & Bakheet Investment Company regarding the occurrence of a specific event in Al Ma’ather REIT

Thursday, September 21, 2023 at 4:18 PM

Osool & Bakheet Investment Company, the fund manager of Al Ma'ather REIT, announces the signing of a lease contract with an The National Housing Company to rent Al Sahafa Tower1 with a total area of 6,300 sqm. The rental contract term is 5 years with total rental value of SAR 21,375,000. The following is a summary of the lease contract:

 

1. Contract start date: 01/12/2023 G.

 

1. Contract end date: 30/11/2028 G.

 

1. Contract duration: 5 years.

 

1. overall value of the contract (SAR): 21,735,000.

 

1. Total rental value for the first two years (SAR): 3,780,000.

 

1. Total rental value for the last 3 years (SAR): 4,725,000.

 

1. Average Annual rental value (SAR): 4,347,000.

 

 

The Impact Caused by the Event: The positive financial impact of this contract on the fund will be starting from the fourth quarter of 2023, as this will increase the fund's revenue from this property compared to the previous year.