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Taleem REIT Fund — Capital/Financing Update 2019
May 30, 2019
53445_rns_2019-05-30_2a4c9188-a5fd-46f7-878f-eca68f073b6d.html
Capital/Financing Update
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Saudi Fransi Capital Announces Material Development Relating to Taleem REIT (Signing SR 350,000,000 shariah-compliant facility agreement with Banque Saudi Fransi)
4333 · 30/05/2019 15:23:12 · Announcement #55214 · View on Saudi Exchange
Saudi Fransi Capital Announces Material Development Relating to Taleem REIT (Signing SR 350,000,000 shariah-compliant facility agreement with Banque Saudi Fransi)
4333
TALEEM REIT
0.40 %
1440/09/25 30/05/2019 15:23:12
| Element List | Explanation |
|---|---|
| Announcement Detail | Saudi Fransi Capital Financial announces that Taleem REIT had signed a SR 350,000,000 Shariah-compliant facility agreement with Banque Saudi Fransi on 30/05/2019 corresponding to 25-09-1440 H. As a security for the facility, a promissory note and pledge on properties will be provided to Banque Saudi Fransi. |
The facility’s tenor is Seven years where the full amount of the facility will be paid upon maturity. The profit rate on the facility will be paid on quarterly basis starting upon withdraw the funds from the bank to purchase any future property for the fund and on a pro rata basis depending on the drawn amount.
The facility will be used to finance the REIT Fund new acquisitions of income-generating education properties that located within the Kingdom, 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.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.