RIYADH: SICO Saudi real estate investment trust on Wednesday signed an appendix Shariah-compliant financing agreement with Riyad Bank to increase the finance ceiling to SR665 million ($177 million) from SR500 million.
The amount will be increased in return for mortgaging income-generating assets and a five-year promissory note, according to a bourse filing by the fund manager, SICO Capital Co.
SICO Capital Co. expects a positive financial impact from the transaction, as the funds will be used to finance new acquisitions of income-generating properties.