Saudi Fransi Capital, in its capacity as manager of Bonyan REIT, a new lease agreement for the Al-Rafiah residential complex for a term of 5 years and 6 months, after the current tenant decided not to renew the contract.

In a statement on the “Tadawul” website, Saudi Fransi Capital said that the lease agreement, with a total value of 121.4 million riyals, was signed, with the term beginning on February 1.

For his part, the director of of Bonyan REIT, expected this development to have a positive impact on the fund’s profitability, noting that the property will maintain a 100% occupancy rate.

It is worth noting that the lease agreement was signed after Saudi Fransi Capital received a letter from the current tenant stating that he did not wish to renew the contract when it expires in 2024.