SEDCO Capital Fund inks 5-year lease contract for Burj Al-Hayat

02/01/2022 Argaam

Logo of SEDCO Capital REIT Fund

SEDCO Capital REIT Fund inked a five-year lease contract with a local operator for Burj Al-Hayat property in Riyadh, starting Jan. 1, 2022, fund manager SEDCO Capital said in a bourse filing.

 

The annual rental value for the first three years amounts to SAR 1.5 million and will rise by 6.7% to reach SAR 1.6 million in the fourth and fifth years.

 

The fund manager expects a positive impact on the fund's performance and dividend.

 

In February 2021, SEDCO Capital appealed against the initial ruling to terminate the lease contract of Burj Hayat Hotel Riyadh during the statutory objection period, Argaam reported.

 

In December 2020, the fund manager announced that a preliminary ruling was delivered by Jeddah General Court to terminate the lease contract signed with Dar Al-Masarat Al-Arabia Co. Ltd for Burj Hayat Hotel Riyadh.

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