“Alinma REIT” fund finishes mortgaging real estate for credit facilities worth 750 million riyals

Al-Inma Investment Company announced that the Al-Inma REIT Fund for the retail sector has finished mortgaging income-generating real estate and a promissory note within a Sharia-compliant credit facilities agreement with Al-Inma Bank at a value of 750 million riyals.

The company said in a statement on “Tadawul Saudi Arabia”, today, Tuesday, that mortgaging the real estate and providing the guarantees agreed upon with the bank allows the use of credit facilities, which will be used to acquire new assets that are expected to have a positive impact on the fund.

It is noteworthy that Alinma Investment Company, the “fund manager”, said last November that Alinma REIT Fund for the retail sector had signed a credit facilities agreement with Alinma Bank, compliant with Islamic Sharia, at a value of 750 million Saudi riyals, in exchange for a mortgage on income-generating real estate and a promissory note.

It is worth noting that the financing period is 8 Gregorian years, and the profit margin will be 1.3 + SIBOR 3 months.