Derayah REIT acquires new logistic asset in Saudi Arabia

Derayah REIT has completed all legal and technical procedures to acquire a logistic real estate asset in Riyadh, Derayah Financial, the fund manager, said in a bourse filing on Tuesday.

The transaction’s total value amounted to SAR 25.6 million, funded through available banking facility for Derayah REIT.

Moreover, the acquisition is expected to have a positive impact on Derayah REIT’s financial performance during the second half of 2019.

In September 2019, Derayah REIT revealed that it has completed the acquisition of a logistics complex for SAR 54.65 million in the Kingdom.

The complex comprises two warehouses, with a total built-up area of 35,000 square meters (sqm) and a land area of 48,000 sqm.

The annual rent of the property stands at SAR 5.2 million for the first two years and is expected to increase to SAR 5.5 million for the remaining three years.