SEDCO Capital REIT signs SAR 600 mln financing contract

SEDCO Capital REIT signed on Monday a financing contract worth SAR 600 million with Al Rajhi Bank, the fund said in a statement on Tadawul.

The five-year facility, secured by a mortgage warrant and mortgages, will be used to maximize SEDCO Capital REIT’s revenue targets and achieve the fund’s objectives, the statement said.

The funding will be withdrawn within 18 months and it will be re-paid at the end of the five years, during which the cost of finance will only be reimbursed, the statement added.