Bonyan REIT Signs Lease Contract for 1991 Centre Building worth SAR 99.4 Million

BSF Capital announced on Wednesday the signing of a lease contract for the “1991 Centre” building for 5 years with a total value of 99.4 million riyals (excluding (VAT) Value-Added Tax), with the contract starting on Nov. 26, 2024.

The company stated in a statement that the manager of the Bonyan REIT Fund expects this development to have a positive impact on the fund’s profitability.

It explained that the property was acquired in May 2024 for an amount of 200 million riyals (excluding RETT and brokerage) through credit facilities, and will achieve a rental yield of 9.94% as a result of signing the lease contract.

It is worth noting that the property was fully leased to one party, which led to the occupancy rate reaching 100%.