Riyad REIT renews STC Academy’s commercial lease for 5 years at SAR 5.22 mln annually

Logo of Riyad REIT Fund

Riyad REIT Fund renewed the lease agreement of STC Academy, the commercial part of Rafal Tower, at SAR 5.22 million per annum, fund manager Riyad capital said in a bourse statement.

The contract, which was renewed for five years, ends on Aug. 7, 2025. The rental area increased from 3,568 square meters to 4,018 square meters.

The renewal and increase in the rental area reflect the property’s construction quality and location. The commercial part also offers a private entrance and parking spaces for the academy, in addition to a connection with the JW Marriott Hotel.

The renewal will have a positively financial impact by increasing the fund's revenues, the statement noted.