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.