Derayah REIT acquires logistics complex for SAR 55 mln

Derayah REIT has completed the acquisition of a logistics complex for SAR 54.65 million in the Kingdom, Derayah Financial, the fund manager, said in a bourse statement on Thursday.

The purchase value will be funded from the fund's available banking facilities, the statement added.

The relevant financial impact will reflect on the fund’s financials for Q1 2020.

The complex comprises two warehouses, with total built-up area of 35,000 square meters (sqm) and is built on a land area of 48,000 sqm.

The annual rent of the property stands at SAR 5.2 million for the first two years, and is expected to increase to SAR 5.5 million for the remaining three years.

In November 2018, Derayah REIT acquired a portfolio of logistics assets worth SAR 269 million in the Kingdom, Argaam reported.