Halal Business

Alkhabeer REIT secures SAR 420 million from Al-Rajhi Bank

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Alkhabeer REIT will use SAR 340 million to finance targeted assets, while SAR 80 million will be used for future acquisition of income-generating assets.

Sunday 17, February 2019 BY KUDAKWASHE MUZORIWA

Saudi-based Alkhabeer Capital said that Alkhabeer REIT has secured SAR 420 million with Al-Rajhi Bank to finance REIT growth.

In a statement, Alkhabeer Capital stated that the Shari’ah-compliant facility agreement will have a tenor of five years.

Ahmed Saud Ghouth, the CEO of Alkhabeer Capital, said, “Having a strong credit record would support Alkhabeer REIT’s future growth potential.”

The SAR 1 billion Alkhabeer REIT, which successfully closed its IPO in November of last year, was oversubscribed at 104 per cent and raised SAR 247 million from 25,124 retail and institutional investors.

TAGS : Alkhabeer Capital, Alkhabeer REIT, Shari’ah-compliant, REIT, IPO

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