Al Mashaar REIT inks SAR 500 mln Islamic facility with Riyad Bank

Al Mashaar REIT Fund signed on Sunday a sharia-compliant financing facility agreement with Riyad Bank worth SAR 500 million, fund manager Muscat Capital said in a bourse statement.

The five-year facility, which will be re-paid quarterly, was secured by a promissory note, in addition to a mortgage of income-yielding properties.

The facility will be directed to finance new acquisition deals, and is expected to have a positive impact on the fund’s results, the statement said.

The deal has no related parties, it added.