Al Aziziah REIT gets 6-month extension for existing credit facilities with Riyad Bank

Logo of Al Aziziah REIT Fund

Al Wasatah Al Maliah (Wasatah Capital),  manager of Al Aziziya REIT Fund, announced the extension of its shariah-compliant credit facilities with Riyad Bank, valued at SAR 149.89 million, for six months starting March 9, according to a statement to Tadawul.

The extension is secured by income-generating properties and a promissory note, the statement added, confirming that the move is not expected to have any material financial impact on the fund.

The fund originally signed a shariah-compliant financing agreement with Riyad Bank in June 2019 for SAR 500 million, also secured by income-generating properties and a promissory note, according to Argaam’s data.

In April 2022, an additional Shariah-compliant agreement was executed to raise the facility ceiling to SAR 665 million, with a five-year term and full repayment due at the end of the fifth year.