05
December

Derayah Financial Announces Material Development Relating to Derayah REIT (Signing SR1 billion shariah-compliant facility agreement with Alrajhi Bank)

Derayah Financial announces that Derayah REIT had signed a SR1 billion Shariah-compliant facility agreement with Alrajhi Bank on Dec 5th 2018. As a security for the facility, a promissory note will be provided and properties will be pledged to Alrajhi Bank. The Fund Manager said that the facility’s tenor is 7 years where the full amount of the facility will be paid upon maturity. The profit rate on the facility will be paid on semi-annual basis on a pro rata basis depending on the drawn amount. The facility will be used to acquire new properties on behalf of Derayah REIT and the fund manager expects that the results will be positive on Derayah REIT’s financial performance. There is no related party in this transaction.