AlAhli REIT Fund 1 announces obtaining of Shariah-compliant Ijara facility from the National Commercial Bank
AlAhli REIT Fund (1) announces the signing of a Shariah-compliant Ijara facility from the National Commercial Bank by SR 650 Million with duration of 15 years. The purpose of the facility is to acquire income-generating properties. This would contribute in diversifying the assets and would positively impact cash distribution. The fund provided Order note and title to property as guarantees for credit facility. Also, There will be no principal repayment of the Ijara facility during the first 5 years. NCB Capital Co. (the fund manager) is an affiliate of the National Commercial Bank.