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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will be paid on semi-annual basis starting from the date of withdrawal and on a pro-rata basis depending on the withdrawn amount.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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