Riyadh – Mubasher: Derayah Financial, the fund manager of Derayah REIT, has signed an agreement to acquire real estate portfolio in Saudi Arabia, with a total consideration of SAR 54.65 million ($14.57 million).

The deal is expected to be completed within the coming six months, which can be expanded by mutual consent, according to a bourse statement released on Wednesday.

“It is expected that the result of the acquisition will be positive on Derayah REIT's financial performance in the first quarter of 2020, upon the completion of the legal and administrative procedures of this acquisition,” the statement added.

Derayah Financial said that no related parties in the acquisition except for what were previously unveiled.