Derayah Financial transfers ownership of SAR 29 mln property to Derayah REIT

26/12/2019 Argaam

 

Derayah Financial transferred on Thursday the ownership of a logistics property in Dammam to Derayah REIT Fund, as the legal and technical procedures were completed successfully.

 

The asset was acquired for SAR 29 million and was funded through the banking facilities available for Derayah REIT, the fund manager said in a bourse statement.

 

The acquisition is expected to have a positive impact on Derayah REIT’s financial performance in the first half of 2020, the statement added.

 

In September, the fund announced signing an agreement to acquire two properties for SAR 54.65 million, according to data compiled by Argaam.

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