MEFIC REIT signs SAR 400M credit facility with SAB

Logo of MEFIC REIT Fund

MEFIC REIT Fund signed a credit facility agreement worth up to SAR 400 million with Saudi Awwal Bank (SAB), according to a statement to Tadawul.

The 7-year agreement aims to repay the existing facilities of the fund, which totals SAR 347.5 million, due to the imminent expiration of the previous agreement with Riyad Bank.

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The goal of the agreement is to reduce the cost of debt and extend the duration of the financing facilities, the statement pointed out, anticipating a positive impact from the agreement.