Saudi-based Taleem REIT (real estate investment trust) Fund has signed a shariah-compliant facilities agreement worth SR350 million ($93.2 million) with one of the kingdom's leading financial institution, Banque Saudi Fransi (BSF).
Taleem REIT is a unit of Saudi Fransi Capital, a leading financial services provider that manages client-focused equity and fixed income portfolios.
The credit has a term of seven years after which the amount will be paid in full on one installment while interest will be paid quarterly starting from the credit withdrawal from the bank, said a statement from Saudi Fransi Capital.
Taleem REIT is a closed ended real estate investment traded fund that aims to invest in developed real estate properties, generating periodical income and distributing a minimum 90 per cent of net income annually as dividends.
The funding will be used for Taleem REIT’s expansion plans mainly through acquisition of income generating real estate assets in the education sector, it added.-TradeArabia News Service
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