Jadwa REIT Al Haramain Fund announces obtaining Shariah compliant facility agreement with Banque Saudi Fransi as following:
1.Facility was obtained on 24-07-2017.
2.Facility amount of SAR 500,000,000.
3.Facility period duration from 24-07-2017 to 31-08-2022.
4.The purpose of the Facility is to finance the expansion plan of Jadwa REIT Al-Haramain Fund through the acquisitions of income-generating properties in the cities of Makkah or Madinah that is in line with the Fund's investment strategy, which shall reflect positively on the fund's net income and cash dividends due to the difference between the income generated from acquired properties and the financing cost.
5.Facility guarantee : Promissory Note and pledge on properties.
6.Further information: The facility draw-down period is three years. The full amount of draw downs shall be paid in one installment on 31-08-2022. During the facility period, only the financing costs will be paid.