AlAhli REIT 1 rents property for 5 years for SAR 207M

AlAhli REIT 1 Fund’s new lease agreement has a total value of SAR 207 million, based on a rental rate of SAR 41.4 million per year

AlAhli REIT 1 Fund concluded a new five-year lease agreement for one of its assets, Qbic Plaza, fund manager SNB Capital said in a statement to Tadawul.

The SAR 207 million lease is based on a rental rate of SAR 41.4 million per year (including VAT), the statement added.

The transaction is likely to have a positive impact on the fund’s profitability and strengthen its financial position, thereby enhancing returns for its unitholders.

Qbic Plaza is a three-story commercial office complex located in the Al-Ghadeer district on King Abdulaziz Road in Riyadh, built on a land area of 17,440 square meters, with a leasable area of 21,253 square meters, Argaam data showed.