| Element List | Explanation |
|---|---|
| Introduction | Swicorp Announces obtaining a Shariah Compliant Facility from The National Commercial Bank for its Swicorp Wabel REIT Fund as follows: |
| Date of receiving Credit Facility | 2019-06-26 Corresponding to 1440-10-23 |
| Creditor | The National Commercial Bank |
| Credit Facility value | SAR 1,400,000,000 |
| Credit Facility duration | 7 years |
| Guarantees provided for credit facility | Pledge on properties |
| Reason for Credit Facility | The purpose of the obtained Facility is to finance the expansion plan of the REIT through new acquisitions of income-generating properties that are located mainly within the Kingdom of Saudi Arabia excluding Makkah and Madinah; while ensuring a diversified assets classes exposure that is in line with the Fund's investment strategy, which shall reflect positively on the fund's net income and cash dividends due to the difference between the income generated from acquired properties and the financing cost. |
| Related Parties | No related parties are part of this agreement |
| Additional Information | The facility availability period is one year. The full amount of draw-downs shall be paid in one installment at the end of facility duration of 7 years. During the facility period, only the financing costs of the withdrawn amount will be paid. |
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