Anaam gets SAR 160 mln facilities from Alinma Bank to fund office building acquisition

Logo of Anaam International Holding Group Co.

Anaam International Holding Group Co. signed today, April 17, a Sharia-compliant credit facility agreement worth SAR 160 million with Alinma Bank, according to a company statement to Tadawul.

The loan term is 10 years. It is secured by a real estate mortgage, namely a commercial building in Jeddah.

The loan will be used to partly finance the purchase value of an office building in Jeddah. It will be used after completing the legal and financial due diligence, Anaam added, noting that there are no related parties to the deal.

Last February, Anaam inked a non-binding memorandum of understanding (MoU) with the owners of private office buildings in Jeddah for the possible acquisition of 100% of the property, for a total value of SAR 325 million excluding real estate tax, Argaam earlier reported.