Announcements
Jadwa REIT Saudi Fund signs lease agreement for Marvella Residential Compound with National Building and Marketing Co
Tue, 14 February 2023
Riyadh, 14 February 2023: Jadwa Investment, a leading investment management and advisory firm in the Middle East, announced today that Jadwa REIT Saudi Fund has signed a new master lease agreement for Marvella Residential Compound in Riyadh.
Marvella Residential Compound is a mixed-use development compound comprising 594 residential apartments and 21 retail shops over a land area exceeding 73,000 sqm. It is strategically located on King Abdullah Road in King Faisal District in Riyadh.
According to the agreement, the National Building and Marketing Company, a company listed on the Parallel Market (Nomu) of the Saudi Exchange, leased the entire residential compound for a period of five years with a rental amount of SAR 50,000,000 per year, translating into an aggregate lease agreement value of SAR 250,000,000. The agreement will ensure the continued full leasing of the property at the same income level as in previous years, and to a reputable master lessee.
Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, commented on the signing: “This agreement will contribute positively to Jadwa REIT Saudi Fund’s strong performance and stable returns. We select our partners prudently, and are confident that the Marvella Compound will be in good hands with the National Building and Marketing Company.”
On this occasion, Mr. Meshaal Al-Oqla, CEO of the National Building and Marketing Company, said: “We always strive to work with partners who share our goal to provide real estate products of high standards that keep pace with the Kingdom’s continuous development.”
Jadwa REIT Saudi Fund is one of the largest real estate funds listed in the Saudi market and part of Jadwa's diversified and growing real estate portfolio. As of January 2023, the firm is managing a total of SAR 15 billion in real estate assets across development and income-generating funds.
