Riyadh – Mubasher: Al Rajhi REIT, which is managed by Al Rajhi Capital, on Sunday announced receiving a loan worth SAR 500 million ($ million).
“During the tenure of the facility, profit will be serviced on a quarterly basis in arrears with a bullet principal repayment at the end of the contractual period of seven years,” the real estate fund said in a statement to the Saudi Stock Exchange (Tadawul).
Al Rajhi REIT will use the facility, which was signed on Sunday, 1 October, to finance the acquisition of several income-generating properties as part of its strategy, it added.
The loan was obtained after Al Rajhi REIT provided a promissory note and property mortgage.
The drawdown of the loan was set till up to 30 June 2019.
