Al Ahli REIT (1) obtains SAR 650 mln bank facilities from NCB

AlAhli REIT Fund (1) has signed a SAR 650 million Shariah-compliant Ijara facility from the National Commercial Bank (NCB), the fund said in a bourse statement.

The facility, which has duration of 15 years, is covered by an order note and title to property.

The amount will go towards acquiring income-generating properties. This would contribute in diversifying the assets and would positively impact cash distribution, the statement said.

The fund manager, NCB Capital, is an affiliate of NCB, it added.

No principal repayment of the Ijara facility will be made during the first five years.