Muscat-listed Oman REIT has acquired a school building in Sharjah for 120 million UAE dirhams ($32.67 million) under a sale-leaseback transaction with Amity Group.

The deal was funded in cash using the existing credit facilities with Muzn Islamic – National Bank of Oman, the REIT said in a bourse statement.

The transaction aims to stabilise future returns, increase overall portfolio and diversify asset composition, the statement added.

OMAN REIT became the country's first diversified multi-asset REIT to list in February 2021.

(Editing by Brinda Darasha; brinda.darasha@lseg.com)