|05 August, 2019

Saudi Al Ma’athar REIT secures $106.6mln shariah-compliant facility

The five-year term loan is covered by a promissory note and a property mortgage

Image used for illustrative purpose.

Image used for illustrative purpose.

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Riyadh –Osool & Bakheet Investment Company revealed that Al Ma’athar REIT has signed a SAR 400 million shariah-compliant facility with Al Rajhi Bank.

The five-year term loan is covered by a promissory note and a property mortgage, according to a filing to the Saudi Stock Exchange (Tadawul) on Monday.

The loan will be used to finance the Fund’s expansion plans through new acquisitions of income-generating properties.

The full amount of the facility will be paid upon maturity, and the profit rate on the facility will be paid on semi-annual basis starting from the date of withdrawal and on a pro-rata basis depending on the withdrawn amount.

Source: Mubasher

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