Bonyan REIT signs 5-year lease contract worth SAR 99.4M

Bonyan REIT signed a five-year lease agreement for the "1991 Center" building, valued at SAR 99.4 million (excluding VAT), according to Saudi Fransi Capital LLC, the fund’s manager.

In a statement to Tadawul, the company said the lease will commence on Nov. 26, 2024. The property was fully leased to a single tenant, achieving a 100% occupancy rate.

Located on Prince Mohammed bin Saad bin Abdulaziz Road in the Hittin District, the building offers a total leasable area of 8,041 square meters. It was acquired in May 2024 for SAR 200 million (excluding real estate transaction tax and brokerage fees) through credit facilities.