Musharaka Financial Company’s announcement of the occurrence of a specific event for Musharaka REIT Fund
09 June 2022
Musharaka Financial Company, as the manager of the Musharaka REIT Fund, announces the signing of a binding lease agreement with a global logistics services company for the full rental of Al-Baraka Warehouses, covering a total area of 29,955 square meters. The lease agreement is for a fixed term of five years, with a total contract value of SAR 32,400,000 for the entire period. Below is a summary of the lease details:
- Lease Start Date: 01/08/2022
- Lease End Date: 31/07/2027
- Contract Duration: 5-year binding lease
- Total Lease Value for the Period: SAR 32,400,000
- Average Annual Rent: SAR 6,480,000
The fund manager clarifies that this lease agreement is expected to have a positive financial impact on the fund starting from Q3 2022, as it will contribute to increased rental income from this property compared to the previous year.