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Banque Saudi Fransi, Jadwa REIT Fund ink SAR 500m facilities deal

Banque Saudi Fransi, Jadwa REIT Fund ink SAR 500m facilities deal
This agreement is Sharia-compliant, according to a statement to the Saudi Stock Exchange
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Riyadh – Mubasher: Jadwa's real estate investment traded fund (Jadwa REIT Al Haramain Fund) on Monday said that it has obtained SAR 500 million after signing a banking facilities agreement with Banque Saudi Fransi.

This agreement is Sharia-compliant, according to a statement to the Saudi Stock Exchange (Tadawul).

The financing’s period spans from 24 July 2017 until 31 August 2022.

This agreement aims to finance the expansions of the fund by acquiring income-generating properties in Makkah and Madinah.

The fund noted that it got the finance through a promissory note and pledge on properties.

The finance withdrawal period is three years since the agreement’s singing date, while the amount must be paid in instalments. During the facility period, only the financing costs will be paid.