RIYADH: Derayah REIT’s board has approved restructuring the fund’s outstanding financing facility, which was valued at SR748 million ($200 million) by 2021-end. According to a bourse filing, the fund manager, Derayah Financial, has agreed with a local bank to reschedule existing financing, with maturity staggered in 2026 and 2027. As per the agreed terms, the profit spread will be reduced by 20 percent and the maturity will be extended to seven years from the restructuring date. The move is aimed at cutting Derayah REIT’s financing expenses, which will have a positive impact on its financial results for the second half of the ongoing year.