Riyadh – Mubasher: Derayah Financial Corp on Sunday has announced that its wholly-owned Derayah REIT Fund purchased three buildings for housing workers in Dammam at a value of SAR 11 million ($2.93 million).

The transaction was financed through the firm's available loans for the fund, according to a statement to the Saudi Stock Exchange (Tadawul).

“Properties are entirely leased to Emdad Human Resources Company, a related party to the seller, for five years (binding) commencing on the property transfer date,” the statement added.

The tenant submitted promissory notes which cover payments, while the properties’ annual renting value is SAR 1.06 million.

The deal’s financial impact is forecast to appear in the results of the first quarter of 2019.

The fund’s stock inched up 0.60% to finish Sunday’s trading session at SAR 8.35.