Riyad Capital Announces Material Development Relating to Riyad REIT

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Riyad Capital announces that Riyad REIT had signed a SR 600 million Shariah-compliant facility agreement with Riyad Bank on March 7th 2019. As a security for the facility, a promissory note will be provided and properties will be pledged to Riyad Bank. The Fund Manager said that the facility’s tenor is 5 years where the full amount of the facility will be paid upon maturity. The facility will be used to acquire new properties on behalf of Riyad REIT and the fund manager expects that the results will be positive on Riyad REIT’s financial performance.