Al Rajhi REIT Fund updates terms, conditions as of Jan. 26

Logo of Al Rajhi Capital

Al Rajhi Capital updated the terms and conditions of Al Rajhi REIT Fund, as of Jan. 26, 2022.

This included lifting the property seizure on the 26.4 million units owned by Alkhaleej Training and Education Co. in return for promissory notes to guarantee that the rent will be paid for the remaining period of the lease contract.

The lease contract term extends for 15 years as of December 24, 2019.

The seizure period extends for three years, starting from Jan. 6, 2020.

Alkhaleej Training is the master tenant of Baraem Rowad Al Khaleej Intl Kindergarten, Riyadh, Rowad Al Khaleej International Schools in Riyadh, Rowad Al Khaleej International Schools in Dammam.

In addition, Medad Al Khair Real Estate was appointed to conduct the handover from the former tenant, Al-Fouzan Trading and General Contracting Co. and to act as property manager for Anwar Plaza and Rama Plaza.