Derayah REIT acquires Riyadh’s logistics complex for SAR 140 mln

Derayah REIT Fund completed on Sept. 1 the ownership transfer of a logistics complex in Riyadh, after finalizing the legal and technical procedures, Derayah Financial, the fund manager, said in a bourse statement.

The acquisition value stood at SAR 140 million, which was funded through Derayah REIT’s available banking facilities.

The deal is expected to have a positive impact on the fund’s financial performance in the fourth quarter of 2020, the statement added.

Derayah REIT Fund signed, on July 20, an agreement worth SAR 140 million to buy a multi-use logistics complex, located in Sulay district in Riyadh, Argaam earlier reported.