Alkhabeer REIT Fund inked a Sharia-compliant financing agreement with Al Rajhi Bank to obtain additional credit facilities, Alkhabeer Capital said in a bourse filing.
Therefore, Alkhabeer REIT upped its credit facilities to SAR 1 billion, in return for mortgaging income-generating properties.
The credit facilities will go for financing new acquisitions, and will be fully repaid in five years.
Interest margins will be paid on a semi-annual basis, upon the loan disbursement.
The fund expected the relevant financial impact to be positive, the statement added.
In Feb. 2019, Alkhabeer REIT signed a financing agreement with Al Rajhi Bank at SAR 420 million, Argaam reported.
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