Thursday, January 27, 2022 at 5:30 PM
Description of the Event
Osool & Bakheet Investment Company, The Manager of Al-Maather REIT Fund announces the completion process of mortgaging the title deeds of three real estate properties, as follow 1. Al Salam Schools in Riyadh, 2. Al Nokhbah Schools in the city of Unayzah, 3. Towlan Hotel Suites in the city of Khobar.
This mortgage is a collateral to guarantee for shariah-compliant facility which will be provided by AlRajhi Bank, in favour of the fund.
The Impact Caused by the Event
The impact of this event will reflect positively on the fund's unit holders and it will be used to finance acquisition plans to diversify the assets and add net positive returns based on the differences between financing costs and rental income.
Osool & Bakheet Investment Company confirms that there are no related parties in the transaction mentioned above.
