Muscat-listed Oman REIT has secured a Shariah-compliant term facility worth 16.2 million rial ($42.1 million), part of which was utilized on Tuesday to acquire a retail asset for a total consideration of OMR 4.1 million. The acquisition includes a cash payment of OMR 3.6 million, funded through the newly secured facility. The remaining amount will be settled via a private placement of Oman REIT units at a price of 100 baiza per unit, to be issued following an upcoming extraordinary general meeting (EGM), Oman REIT said in a bourse statement. The 14-year Islamic facility, provided by Muzn Islamic – National Bank of Oman, is backed by mortgages valued at twice the amount drawn. Oman REIT became the country's first diversified multi-asset REIT to list in February 2021.