Derayah REIT has signed a binding agreement with Al-Khalijia Real Estate to acquire the latter’s building in Al-Khobar for a total value of SAR 38 million, the fund manager Derayah Financial Corporation said in a bourse statement.
The ownership transfer should be completed within 45 days upon mutual agreement.
The building, which is built on a total area of 2,187 square meters, was developed in early 2017.
The deal will be financed from bank facilities, Derayah 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, the statement added.
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