Riyadh – Mubasher: Musharaka REIT Fund has announced signing an agreement with Al Rajhi Bank to obtain an SAR 400 million loan with +1.85% SIBOR cost for six months.

The seven-year facility will be compliant with the Islamic sharia, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

The loan was secured through mortgage of property assets and a promissory note.

The facility’s value will be withdrawn within one year and half from the date of signing the deal, Musharaka REIT said, noting that the financing will be used to execute large expansions and acquire income-generating properties.

By 11:57 am Saudi time, the fund’s tradable unit grew 0.84% to SAR 8.49.