Kuwait- based Jeeran Holding announced that its 96%- owned subsidiary “Jeeran USA LLC" has concluded preliminary purchase agreement to acquire two US -based properties. The deal total value stands at around $2.45 million (KWD714.6 thousands), said Jeeran in a statement to Kuwait's bourse.

Jeeran pointed out that such two properties are already rented and yield annual rate of return of around 6.5%.

The holding company stated that it has paid off an amount of $100 thousands (KWD28.8 thousands) as insurance and the rest of the deal value will be paid completely after finalizing the deal, during October 2014.

Noteworthy, Jeeran has reported interim financial statements for Q1-FY14 which reflected KWD 331 thousands net profit, compared to KWD 319.3 thousands in the corresponding period a year earlier with surge by 203.7%.