Derayah inks deal to buy school building for SAR 41 mln

Derayah REIT has signed a binding agreement to acquire the real estate building of Education and Skills International School in Riyadh for a total value of SAR 41.17 million, the fund manager Derayah Financial Corporation said in a bourse statement Tuesday.

The ownership transfer should be completed within 30 days, extendable upon mutual agreement.

The educational facility, which is built on a total area of 5,600 square meters, was completed in 2016.

The deal will be financed from bank facilities available to Derayah REIT, the statement added.

The acquisition is expected to have a positive impact on the fund’s H2 2018 financial results.

No related parties are involved in the deal; any developments will be announced in their due time, Derayah highlighted.