Taleem REIT Fund has inked a 45-day memorandum of understanding (MoU) with Al Rajhi United to acquire an educational property located in Al Nuzha district in Riyadh, according to a bourse statement.
The property spread over 30,000 sqm with a built up area of 48,281 sqm.
The fund will acquire the property through issuing 22.5 million new units of Taleem REIT Fund to Al Rajhi United.
The property is currently leased to Al Rowad International Schools for a 30-year term, ending in December 2041, at a total contract value between SAR 498.14 million to SAR 553.49 million.
After completing due diligence, the fund will seek the approval of the fund board and unit holders.
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