Logo of Derayah REIT Fund
Derayah Financial, the fund manager of Derayah REIT Fund, signed an agreement today, June 21, to sell AlSharq Logistics Complex in Riyadh for SAR 158 million, excluding real estate transaction tax and other fees.
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.
Derayah REIT acquired the property in September 2020 for SAR 140 million, the statement said.
The proceeds will be used to settle the REIT’s financing partially.
The sale is anticipated to be completed by July-end.
The deal is expected to positively impact Derayah REIT’s financial performance in the second half of 2023.
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