Al-Maather REIT Fund signed a memorandum of understanding (MoU) with Al-Roqi National Schools Co. to develop and build Al Roqi National School in south Riyadh at Zahra district, Osool & Bakheet Investment Co., the fund manager, said in a bourse filing on Sunday.
The new school will be constructed on a built-to-suit concept on a land area of 7,000 meters, and Al-Roqi National will lease the entire complex, including the land and the building, for 26 years.
Osool & Bakheet further noted in the statement that the MoU will expire on February 29, 2020, adding that the development of the property and land purchase will be financed from loan facility available to the fund.
The annual and total lease payments will be announced upon agreement on the total development cost, the statement added.
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