Derayah Financial announces signing an agreement to sell the property “AlSharq Warehouses Complex” today 21/06/2023G as per the below:
Property Info: The property is located in Sulay District in Riyadh with proximity to the Southern Ring Road. The property is a multi-use logistics complex consisting of 193 units, where 164 of such units are earmarked as storage warehouses, and the remaining 29 units are earmarked as retail warehouses and offices. The property is built on a land area circa. 198,000 sqm, whereas the property’s built-up area is circa. 120,000 sqm.
Derayah REIT acquired this property in Sep 2020 for a total purchase price of SR140 million.
Sale Information: Property sale price is SR 158 million (excluding RETT and other fees). Sale proceeds will be used to partially settle the Derayah REIT financing. The sale is expected to be completed by the end of July 2023.
It is expected that the result of the acquisition will be positive on Derayah REIT’s financial performance in the second half of 2023, upon the completion of the legal and administrative procedures of this transaction.