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Real Estate House (REH), a subsidiary of the Kuwait-based Beyout Holding, has upsized its existing 2-million-dinar ($6.5 million) loan facility with Warba Bank by an additional KWD 5 million ($16.2 million). This brings the total credit facility to KWD 7 million ($22 million).
The additional KWD 5 million is in the form of an Ijara Muntahia Bittamlek or lease-to-own facility.
The loan has been set at a financing cost of 1.5%, plus the discount rate set by the Central Bank of Kuwait.
Beyout said the purpose of the upsizing is to support the acquisition of commercial properties, according to a bourse filing, adding that the new facility will have no financial impact on the company at this time.
(Writing by Bindu Rai, editing by Daniel Luiz)
