Riyadh – Mubasher: Derayah Financial, the fund manager of Derayah REIT, has announced the acquisition and transfer of SAR 44 million property through a banking facility.

The legal and technical procedures were completed successfully, according to a bourse statement released on Thursday.

Located in Al-Sarawat district in Jeddah, the property is a logistic complex comprises 5 stand-alone warehouses within a total built-up area is 25,800 square metres on a land area of 40,000 square metres.

“The property is entirely leased to Jadeer Property Management Company, a related party to the seller, for 5 years (binding) commencing on the property transfer date,” as per the statement.

The transaction will have a positive impact on Derayah REIT’s financial performance in the second half of 2019.