Riyadh - Mubasher: Middle East Financial Investment Co (MEFIC Capital) has signed an agreement to extend the lease term of a hospitality project for additional five years.
The project's lease will expire on 31 March 2040, according to the company's disclosure to the Saudi Stock Exchange (Tadawul) on Monday.
After extending the lease term, the rental value will be estimated at SAR 7 million from 1 April 2037 to 31 March 2040.
This step will have a positive impact on the value of the usufruct right and on the cash flow of the MEFIC REIT Fund in the upcoming period.
