Swicorp Wabel REIT secures SAR 1.4 bln credit facilities from NCB

Swicorp Wabel REIT Fund has obtained SAR 1.4 billion Shariah complaint credit facilities from the National Commercial Bank (NCB), Swicorp, the fund manager said in a bourse statement.

The facility has duration of seven years and covered by a property pledge.

The amount is intended to finance the expansion plan of the REIT through new acquisitions of income-generating properties that are located mainly within the Kingdom of Saudi Arabia excluding Makkah and Madinah; while ensuring a diversified assets classes exposure that is in line with the fund's investment strategy, which shall reflect positively on the fund's net income and cash dividends, the statement added.

No related parties are part of this agreement.

The facility availability period is one year. The full amount of draw-downs shall be paid in one installment at the end of facility duration. During the facility period, only the financing costs of the withdrawn amount will be paid.