Al Rajhi REIT completes increase of facilities from Al Rajhi Bank to SAR 600 mln

Logo of Al Rajhi REIT Fund

Al Rajhi Capital, in its capacity as the manager of Al Rajhi REIT Fund, announced the completion of increasing the limit of Shariah-compliant facilities offered by Al Rajhi Bank to SAR 600 million.

In a bourse statement, the company added that the duration of the facility is seven years from the drawdown date.

This brings the total size of the facilities granted to the fund to SAR 1.42 billion, including a SAR 25 million profit rate swap, whenever the fund decides to execute such an agreement.

The fund manager aims, through increasing the limit of facilities, to finance any future acquisitions that will maximize the targeted returns for unitholders and achieve the fund’s objectives. It also seeks to maintain the upper limit of the financing ratio, according to the fund’s terms and conditions at 50% of the fund’s total assets as per the latest financial statements.