Riyad REIT inks deal for $160mln facility

The facility’s tenor is 5 years and the full amount of the facility will be paid upon maturity

  
View shows the King Abdullah Financial District, north of Riyadh, Saudi Arabia, March 1, 2017. Image used for illustrative purpose.

View shows the King Abdullah Financial District, north of Riyadh, Saudi Arabia, March 1, 2017. Image used for illustrative purpose.

REUTERS/Faisal Al Nasser

Riyadh –   Riyad REIT has signed a facility loan with Riyad Bank for SAR 600 million ($160.02 million) Shariah-compliant loan, Riyad Capital announced on Thursday.

The facility’s tenor is 5 years and the full amount of the facility will be paid upon maturity, the fund manager added.

The loan will be used for the acquisition of new properties on behalf of Riyad REIT.

“The results will be positive on Riyad REIT’s financial performance,” Riyad Capital noted.

 

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