ROSHN secures $266m credit facility from Saudi National Bank
ROSHN Group, Saudi Arabia's leading multi-asset class real estate developer powered by Saudi wealth fund PIF, has announced that it has entered into a deal with Saudi National Bank to secure a SAR2 billion ($266 million) shariah-compliant credit facility.
The loan agreement, which is for seven years, will be used to fund the acquisition of ROSHN Front, said a statement from ROSHN.
The leading Saudi developer pointed out this strategic move strengthens its growth and drives ROSHN Front's long-term success by enriching its retail and commercial landscape, elevating tenant experience, and attracting top-tier brands and businesses.
The purchase of ROSHN Front marked the group's expansion in two new verticals - commercial and retail.
Opened in 2019, the prime development has become a major destination for shoppers and businesses, attracting over 7 million visitors annually.
ROSHN Front - Retail, with a leasable area of over 81,800 sq m, is home to premier retail and F&B brands, while ROSHN Front - Business, with a leasable area of over 78,900 sq m, is occupied by reputed government, private sector, and multinational entities.
On the key funding, Group Chief Finance Officer Avinash Pangarkar said: "This agreement with Saudi National Bank marks a key milestone for ROSHN Group, enabling us to unlock significant value from this acquisition, creating long-term benefits for our stakeholders and the communities we serve."
"I am deeply grateful to everyone involved in this agreement that drives both financial growth for ROSHN Group and enhances the quality of life for those we serve," he added. -TradeArabia News Service
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