Riyad REIT signs SAR 540 mln financing deal with Riyad Bank

09/12/2020 Argaam

Riyad REIT Fund signed a SAR 540 million Shariah-compliant facility agreement with Riyad Bank, fund manager Riyad Capital said in a bourse statement.

 

As a security for the facility, a promissory note will be provided and income-generating properties will be pledged.

 

The duration of the loan is five years, which is extendable to an additional three years.

 

The facility amount will be paid once after five years from each withdrawal.

 

The facility will be used to finance acquisitions of new properties, investments and projects on behalf of Riyad REIT.

 

The fund manager expects that the results will be positive on Riyad REIT’s financial performance.

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