Riyadh – Mubasher: Derayah Capital has said that its unit Derayah REIT Fund purchased a property at a value of SAR 18 million in Dammam after receiving legal, technical, and regulatory approvals.
The transaction was financed through the fund’s resources, according to a statement to the Saudi Stock Exchange (Tadawul).
Derayah Capital further noted that the acquired asset is fully leased to Jadeer Property Management Company for five years commencing on the property transfer date with an annual value of SAR 1.67 million.
“The property is already sub-leased to different tenants, and the master tenant will be responsible for insurance, operational expenses and maintenance of the property during the lease term,” the statement explained.
The deal’s financial impact is set to appear in the fund’s results during the first quarter of 2019.
Derayah REIT Fund’s stock remained unchanged to close Thursday’s trading session at SAR 8.20.
