Derayah REIT finalizes sale of logistics complex in Riyadh

Logo of Derayah REIT Fund

Derayah Financial, the fund manager of Derayah REIT Fund, announced completing the sale of AlSharq Warehouses Complex in Riyadh, for SAR 158 million, and the transfer of property to the buyer, according to a statement to Tadawul.

The company expects the related financial impact to reflect on the fund's results in H2 2023.

Last June, Derayah Financial signed an agreement to sell AlSharq Warehouses Complex in Riyadh for SAR 158 million, excluding real estate transaction tax and other fees. Derayah REIT acquired the property in September 2020 for SAR 140 million, according to Argaam's data.

The multi-use logistics complex consists of 193 units, of which 164 are allocated for storage warehouses and 29 for retail warehouses and offices. Covering a land area of 198,000 square meters, the complex has a built-up area of nearly 120,000 sqm.