Al Rajhi Capital announces the occurrence of a specific event related to Al Rajhi REIT Fund (availed SAR 145.4 Million Shariah compliant facility from Al Rajhi Bank)
Al Rajhi Capital the fund manager of Al Rajhi REIT, announces that Al Rajhi REIT had availed a SAR 145.4Million Shariah-compliant facility from Al Rajhi Bank on 10/08/1442 corresponding to 23/03/2021.
The loan duration is for 5 years. During the tenure of the loan, profit will be paid on a semi-annual basis with a bullet principal repayment at the end of the contractual period of 5 years. This facility is to refinance the existing loan tranche that is maturing on 23rd March 2021. Fund’s income-generating properties are already pledged for the existing tranche and the same shall be continued for this facility. In addition to a promissory note as guarantee.
The loan liability of SAR 145.4 Mn will continue to be on the financial accounts of Al Rajhi REIT Fund for period of next 5 years.
