Our News

Mulkia Investment Announces a fundamental change on Mulkia Gulf Real Estate REIT.



The fundamental Event:
Mulkia Investment announces signing an additional Shariah compliant facility from Bank Albilad for Mulkia Gulf Real Estate REIT.
Effect of the fundamental event:
1.The additional facility agreement is effective from 19/11/2019.
2.The additional facility limit is SAR 300,000,000.
3.The additional facility period is Five years.
4.The additional facility drawdown period is Five years. The full amount of drawdowns shall be paid in one installment at the end of facility period. During the facility period, only the financing costs will be paid.
5.The purpose of the additional Facility is to finance the expansion plan of Mulkia Gulf Real Estate REIT Fund through the acquisitions of income-generating properties inside the Kingdom of Saudi Arabia, as per the Fund’s investment strategy, which shall be reflected positively on the fund’s net income and cash dividends due to the difference between the income generated from acquired properties after deducting the related expenses and the financing cost.
6.Facility guarantee: Promissory note and Pledge of Fund properties with a coverage when the limit of coverage decreases than the limit requested by the bank.
7.Bank Albilad is considered as a related party where Albilad capital is the custodian of Mulkia Gulf Real Estate REIT Fund.
Additional Information:
This agreement is subject to the limits of borrowing mentioned in the fund terms and conditions and the Real Estate Investment Funds Regulations (REITs).