Al Maather REIT signs contract with NHC to rent Al Sahafa Tower I

21/09/2023 Argaam
logo ofAl Maather REIT Fund

logo of Al Maather REIT Fund

Al Maather REIT Fund signed a lease contract with the National Housing Co. (NHC) to rent Al Sahafa Tower 1, which has a total area of 6,300 square meters, the fund manager, Osool & Bakheet Investment Co., said in a statement on Tadawul.

 

The rental contract term is five years, from Dec. 1, 2023 until Nov. 30, 2028, with a total rental value of SAR 21.74 million, the statement added. 

 

The total rental value for the first two years is SAR 3.78 million each, with the amount increasing to SAR 4.73 million each year for the remaining three years. This brings the average annual rental value to SAR 4.35 million. 

 

The contract is expected to have a positive financial impact on the fund starting Q4 2023, as it will increase the fund's revenue from this property compared to the previous year. 

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