Riyadh – Mubasher: Derayah REIT, a subsidiary of Derayah Financial, on Monday has announced signing a non-binding memorandum of understanding (MoU) to acquire Raseel Medical Center at a combined value of SAR 22 million.

The transfer of the property's ownership will take 30 days that could be extended after the approval of the two parties, according to Derayah Financial’s statement to the Saudi Stock Exchange (Tadawul).

The property spans an area of 4,566 square metres, while its establishment ended in 2013.

The property is leased to Raseel Medical Center, with an annual rent of SAR 1.69 million, along with a 10% rental rise every five years. Leasing the building had started as of 15 December 2013 until December 2033, the statement showed. 

The transaction’s financial impact is forecast to appear in the fund’s financial results for the second half of 2018.