Daraya Financial announced today, Thursday, the purchase and transfer of ownership of a property (the Rasail Medical Center) to the Daraya REIT Fund, following the successful completion of all legal, technical, and regulatory procedures. The acquisition value amounted to 22 million riyals and was fully financed by bank loans available to the fund.

The property is located in the Al-Mansoura neighborhood of Riyadh on Ma’an bin Zaida Street, north of the Southern Ring Road. The property is a medical building consisting of two floors, an annex, and outdoor parking spaces, in addition to underground parking. The built-up area is approximately 4,566 square meters, situated on a plot of land measuring approximately 2,500 square meters. Development of the property was completed in 2013.

The positive financial impact of the transaction is expected to be reflected in the Fund’s results during the second half of 2018. Daraya Financial would like to confirm that there are no related parties involved in this transaction. The company will disclose any material developments in a timely manner.