SICO Saudi REIT signs appendix agreement with Riyad Bank to increase finance cap to SAR 665 mln

Logo of SICO

SICO Capital Co., the fund manager of SICO Saudi REIT Fund, announced, on April 13, signing an appendix Shariah-compliant agreement with Riyad Bank to increase the finance ceiling to SAR 665 million.

The loan amount will be raised in return for mortgaging income-generating assets and a five-year promissory note. The full amount will be paid at the end of the fifth year, SICO Capital said in a statement to Tadawul.

The fund manager expected the relevant financial impact to be positive as these facilities will be used to finance new acquisitions of income-generating properties for SICO Saudi REIT.

On June 10, 2019, the fund signed an agreement with Riyad Bank to secure a Shariah-compliant finance of SAR 500 million in return for mortgaging income-generating properties and a promissory note, Argaam earlier reported.