Derayah REIT’s board approves rescheduling SAR 748 mln financing facility

Logo of Derayah REIT Fund

Derayah REIT’s board of directors approved restructuring the fund’s outstanding financing facility, fund manager Derayah Financial said in a bourse filing.

The existing financing reached SAR 748 million as per the audited financial statements as of Dec. 31, 2021. The financing’s maturity is staggered in 2026 and 2027.

The fund manager reached an agreement with a local bank to restructure the existing financing facility. As per the agreed terms, the profit spread will be cut by approximately 20% and the tenor will be extended to seven years from the rescheduling date, provided that the mortgage on the title deeds will be transferred to the new financier.

The relevant financial impact will reflect on H2 2022, the statement noted.