Al-Rajhi Capital has granted Al-Rajhi REIT Fund, banking facilities, in compliance with Shariah regulations, amounting to 600 million riyals.
The company said in a statement to the Saudi market (Tadawul), today, Tuesday, that the financing period extends to 7 years from the date of signing the withdrawal of the banking facilities.
It clarified that the total facilities granted to the Al Rajhi REIT Fund amounted to 1.42 billion riyals, including 25 million riyals allocated for hedging purposes to fix the facility's profit margin if the fund so desires.< /p>
She added that the fund manager aims, by increasing the facilities limit, to finance any future acquisition deals that would maximize the targeted returns for unit holders and achieve the fund's objectives, while maintaining the upper limit. The financing percentage according to the terms and conditions of the fund is 50% of the total assets of the fund according to the latest financial statements.
