Al Rajhi Capital announces the occurrence of a specific event related to Al Rajhi REIT Fund (Signing SAR 254.5 Million Shariah compliant facility agreement with Al Rajhi Bank)
Al Rajhi Capital the fund manager of Al Rajhi REIT, announces that Al Rajhi REIT had signed a SAR 254.5Million Shariah-compliant facility agreement with Al Rajhi Bank dated on 05/05/1442 corresponding to 20/12/2020.
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 20th December 2020.
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 254.5 Mn will continue to be on the financial accounts of Al Rajhi REIT Fund for period of next 5 years.