Derayah REIT on Wednesday signed a SAR 1 billion Shariah-compliant facility agreement with Al Rajhi Bank to acquire new assets, fund manager Derayah Financial said in a bourse statement.
The loan is valid for seven years and will be repaid upon maturity date.
The accrued interest rate will be paid bi-annually on a pro rata basis, depending on the drawn amount.
“We expect the deal to reflect positively on Derayah REIT’s financial results, as no related parties are involved,” the fund manager said.
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