Al Maather REIT pledges 3 properties to Al Rajhi Bank

Logo of Al Maather REIT Fund

Osool & Bakheet Investment Co., the manager of Al Maather REIT Fund completed the pledging process for the title deeds of three real estate properties, namely Al Salam Schools in Riyadh, Al Nokhbah Schools in Unayzah and Towlan Hotel Suites in Khobar, according to a bourse filing.

This mortgage is collateral to guarantee for Sharia-compliant facility, which will be provided by Al Rajhi Bank, in favor of the fund.

The impact of this event will reflect positively on the fund's unitholders’ and will be used to finance acquisition plans to diversify the assets and add net positive returns based on the differences between financing costs and rental income.

There are no related parties in the transaction or any conflict of interest, the statement noted.