RIYADH: Jadwa REIT Saudi Fund has signed a SR1 billion ($270 million) Shariah-compliant facility agreement with Banque Saudi Fransi to settle existing credit dues, the Riyadh-based investment management firm Jadwa Investment Co. announced in a bourse statement on Sunday. A total of SR453.12 million will be allocated to credit dues, while the remaining funds will support the investment objectives of the fund, it added. The deal has led to a reduction in the fund’s profit margin from more than 2 percent Saudi Arabian Interbank Offered Rate to over 1.5 percent SAIBOR. Additionally, the repayment structure has been adjusted, aiming to refund the entire drawdown amount in a single payment after five years, Jadwa said in the statement. According to the interim financial statement issued for the period ending on June 30, Jadwa REIT Saudi Fund has net assets amounting to SR1.74 billion, with the fund making a net profit of SR41.48 million during the period. On April 25, the fund entered into a sale and purchase agreement for a leased commercial land located in Jeddah, with a size of 161,276 sq. meters for a purchase price of SR400 million. Jadwa Investment was recognized as the best asset manager for 2022 at the Saudi Capital Market Awards, held at the Saudi Capital Market Forum earlier this year. The accolade was presented by Khalid Abdullah Al-Hussan, CEO of Saudi Tadawul Group, to Tariq Al-Sudairy, managing director and CEO of Jadwa Investment. In 2022, Jadwa achieved notable business milestones, delivering net outperformance across its local and regional public equity strategies. The company also introduced multi-asset class funds and international alternative funds, broadening client access to various markets and asset classes. Additionally, Jadwa concluded the year with the divestment of its stake in Saudi Aramco Base Oil Co. through a SR5 billion initial public offering on the Saudi exchange.