Jadwa REIT Saudi leases Marvela Compound to National Building for SAR 250 mln over 5 years

The agreement signing

Jadwa Investment, the manager of Jadwa REIT Saudi Fund, announced today signing a new lease agreement for Marvela Compound in Riyadh.

Under the agreement, the Nomu-listed National Building and Marketing Co. (NBM) leased the residential compound for five years at an annual rent of SAR 50 million, totaling SAR 250 million.

Jadwa said the agreement guarantees the continued rent of the entire property at the same income level of the previous years, to a tenant with strong financial solvency.

Marvela is a mixed-use compound that includes 594 residential units and 21 commercial showrooms over more than 73,000 square meters. The compound is strategically located on King Abdullah Road, King Faisal District, Riyadh.

Commenting on the deal, Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, said “This agreement will contribute to strengthening the fund's robust performance and maintaining its sustainable and steady returns."

"Jadwa is always keen to select its partnerships carefully. We are confident that Marvela Compound will be in safe hands with National Building and Marketing Co.," Al-Sudairy added.

Meshaal Aloqla, CEO of National Building, said: “We always seek to invest with partners who share our vision and goals to provide high-quality real estate products that align with Vision 2030 and the Kingdom’s continuous development."