Riyadh – Mubasher: Alkhabeer Capital, manager of Alkhabeer REIT Fund, signed a financing agreement with Al Rajhi Bank to receive additional Sharia-compliant credit facilities, taking the total loan value up to SAR 1 billion.
The loan is secured by mortgage of income-generating real estate properties and aims to complete the acquisition process related to the increase of the total value of the fund’s assets or any future assets, according to a bourse statement on Wednesday.
Moreover, the total value of the credit facilities will be paid at the end of the five-year contractual period whilst the profit margin will be paid semi-annually.
Alkhabeer Capital will use the aforementioned loan soon, along with any subscription proceeds from the additional offering to complete the takeover process.
The fund manager expects the transaction to reflect positively on the fund’s performance and financial results.
