Al Rajhi REIT gets SAR 145 mln facility from Al Rajhi Bank

23/03/2021 Argaam

Al Rajhi REIT logo

Al Rajhi REIT Fund secured credit facility worth SAR 145.4 million from Al Rajhi Bank, Al Rajhi Capital, the fund manager, said in a bourse statement.

 

A semi-annual interest rate will be paid on the five-year loan with a bullet principal repayment at the end of the contractual period.

 

The facility will be used to refinance the existing loan tranche maturing today, March 23, 2021.

 

The fund’s income-generating assets, which were earlier pledged for the outstanding tranche, will remain pledged for the new facility with a promissory note provided as a guarantee.

 

The SAR 145.4 million loan liability will continue appear in the financial accounts of Al Rajhi REIT for the next years.

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