Derayah REIT announced concluding the acquisition and transfer of Al Khaleejiah Business Centre for SAR38mn, which were fully funded through existing bank debt. The property was completed in 2017, and features three retail areas on the ground floor and five floors of office space, in addition to outside and underground parking. It has a total ground area of 2,187 sqm and a BuA of 10,567 sqm. The building is leased to a master tenant under a 10-year binding contract which started in June 2017. It stipulates an annual rent of SAR3.3mn and includes a 5% rate-escalation clause, effective in five years. The fund expects the acquisition to reflect positively on its financial performance in 2H18.