Al Rajhi REIT unitholders reject release of Alkhaleej Training locked-up units

27/02/2022 Argaam

Logo of Al Rajhi REIT Fund

Al Rajhi Capital announced that unitholders of Al Rajhi REIT Fund, on Feb. 24, disapproved releasing the locked up units owned by Alkhaleej Training and Education Co., amounting to 26.40 million units, the fund manager said in a statement to Tadawul.

 

Alkhaleej Training is the master tenant of Baraem Rowad Al Khaleej International Kindergarten in Riyadh, Rowad Al Khaleej International Schools in Riyadh and Rowad Al Khaleej International Schools in Dammam.

 

The lockup period stated in the terms and conditions is three years, beginning Jan. 6, 2020, in return for submitting promissory notes as a guarantee to pay the rent for the entire remaining period of the lease contract. The lease term is 15 years starting Dec. 24, 2019.

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