Derayah REIT starts legal action to recover SAR 40M in overdue rent

18/09/2024 Argaam
Logo ofDerayah REIT Fund

Logo of Derayah REIT Fund

Derayah REIT Fund began legal proceedings against the main tenant of the Smart Tower property to recover overdue rent of SAR 40 million, fund manager Derayah Financial said in a statement on Tadawul.

 

For more news on listed companies

 

The impact will depend on the outcome of the legal and regulatory proceedings, it added.

 

The Smart Tower is a mixed-use property in Al Olaya, Riyadh, at the King Fahd and Prince Mohammed bin Abdulaziz Road intersection, on a 3,910 sqm plot. It has eight office floors and four ground-floor showrooms, according to Argaam's data.

 

The property is leased for SAR 20 million annually for 10 years. 

 

The property accounts for about 17% Derayah REIT fund's portfolio, per the latest annual report.

 

For more details about the Smart Tower property

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.