Saudi-based Jadwa Investment Company has announced that it has signed an five-year master-lease agreement with National Building and Marketing Company for a premium residential compound in Riyadh for a rental value of SR250 million ($67 million).

The agreement for the Marvella Residential Compound, located on King Abdullah Road, was signed by Jadwa in its capacity as the manager of Jadwa REIT Saudi Fund.

As per the lease deal, the National Company for Building and Marketing will be paying an annual rent of SR50 million to Jadwa Fund for the next five years excluding VAT, stated Jadwa in its filing to Saudi bourse Tadawul.

On the financial impact, Jadwa said the effect is considered positive as the signing of the new agreement ensures the continuity of 100% property occupancy at the same level of previous years' income with a robust tenant.

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