Riyadh – Mulkia Investment Company, manager of Mulkia Gulf Real Estate REIT Fund, has signed a Sharia-compliant financing agreement with Al Rajhi Bank to reduce financing costs and extend the loan term for the benefit of the unitholders.
The limit of withdrawable facilities is SAR 600 million, according to a bourse filing on Tuesday.
The seven-year credit facilities will be used to pay outstanding facilities withdrawn from Bank Albilad worth SAR 342.6 million. The remaining loan amount will be used in acquiring additional real estate assets for the fund.
The guarantees provided for the loan are mortgage of real estate assets equivalent to 200% of the value of the withdrawn facilities for Al-Rajhi Bank, in addition to providing promissory notes.
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