Mubasher: United Real Estate has extended a KWD 29.1 million credit facility agreement with a local bank, according to a statement to Boursa Kuwait on Thursday.

The Kuwait-based real estate firm further revealed that its subsidiary, United Building Company, has signed a loan deal worth KWD 9.2 million in cash and noncash with a Kuwaiti bank, according to a separate bourse filing.

The credit facilities will finance the investments and activities of both companies.

Moreover, the agreements extend the debt maturity and the credit facilities will be reclassified from short-term to long-term liabilities.

The parent company’s loan will be due in five years, while the subsidiary’s loan is set to be repaid after three years.