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Derayah Financial transfers real estate asset for SAR 29m

Derayah Financial transfers real estate asset for SAR 29m
The deal's legal procedures were completed successfully

Riyadh – Mubasher: Derayah Financial, the fund manager of Derayah REIT, has announced the transfer of a logistics real estate asset in Dammam.

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

“The purchase price is SAR 29 million which was funded through the available banking facility for Derayah REIT,” Derayah said.

The transaction is expected to have a positive on Derayah REIT’s financial performance in the first half of 2020.

In September, Derayah Financial signed an agreement to acquire real estate portfolio in Saudi Arabia, with a total consideration of SAR 54.65 million.