RIYADH: SEDCO Capital REIT Fund has signed a SR1.7 billion ($452 million) Shariah-compliant facility agreement with Al-Jazira Bank, according to a bourse filing.
The funding will be used to refinance the existing facility and to support the fund's investment objectives in part, while part of it will be activated after increasing the value of the fund’s assets and obtaining approval from the Capital Market Authority.
The fund manager anticipates that this deal will improve the fund’s performance by reducing the financing margin and increasing the possibility of acquiring new assets.
