Derayah REIT signed an agreement with the current tenant of Al-Khaleejiah Business Center to extend the lease duration ending on June 29, 2032, by five years, fund manager Derayah Financial said in a bourse statement on Monday.

 

The annual rent of the fully occupied business center amounts to SAR 3.29 million, with a 5 percent annual raise.

 

Derayah REIT acquired the property, located in Al Khobar, on July 5, 2018 for SAR 38 million.

 

The fund said that the acquisition is expected to have a positive impact on its 2019 results.

 

The deal has no related parties, it added.

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