Al Rajhi REIT Fund signed a SAR 254.5 million Shariah-compliant loan facility agreement with Al Rajhi Bank on Dec. 20, 2020, fund manager Al Rajhi Capital, the fund manager of Al Rajhi REIT, said in a statement to Tadawul.
The loan duration is five years, it added.
During the tenure of the loan, profit will be paid on a semi-annual basis with a bullet principal repayment at the end of the five years.
The facility is to refinance the existing loan tranche that matures on Dec. 20, 2020, the statement said.
The fund’s income-generating properties are already pledged for the existing tranche and will continue for this facility, in addition to a promissory note as guarantee.
The loan liability of SAR 254.5 million will continue on the financial accounts of Al Rajhi REIT Fund for the next five years.
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