Saudi Developer ROSHN Group Secures $2.4 Billion Credit Facility for Growth
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ROSHN Group, Saudi Arabia’s leading multi-asset class real estate developer and a PIF Company, has secured a nine billion Saudi Riyal (USD 2.4 billion) syndicated credit facility. The unsecured revolving credit facility will be for a duration of five years and is part of ROSHN’s funding strategy, intended for general corporate purposes. The credit facility will be used to fund ROSHN’s growth and expansion plans.
Saudi National Bank, Arab National Bank & Riyad Bank served as Book Runners & Mandated Lead Arrangers. Bank Al Bilad & Alinma Bank participated as Lead Arrangers along with Saudi Awwal Bank as Arranger. The transaction was supported by Riyad Bank as Documentation & Agent Bank as well as legal firms AS&H Clifford Chance as counsel for the banks and White & Case as counsel for ROSHN.
“This syndicated credit facility is a testament to the confidence that the market has in both ROSHN and the country’s real estate market,” said Avinash Pangarkar, Group Chief Finance Officer, ROSHN Group. “Our banking partners are excited by the progress we are making in developing our projects across the Kingdom as we look to support Vision 2030’s goals. ROSHN will draw on these funds over the coming years to push forward with our development strategy.”
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ROSHN Real Estate Company
ROSHN is a real estate developer that is dedicated to providing high-quality communities to its citizens, with the aim to support the country's vision of 70% home ownership.
Saudi Arabia's Public Investment Fund
The Public Investment Fund (PIF) is a prominent global investor with a top-tier investment portfolio that emphasizes sustainable investments on a global scale.
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