Investors close funding for Abu Dhabi’s USD1.2bn Reem Mall
Agility, UPAC, and NREC, the companies behind Abu Dhabi’s Reem Mall, a retail, leisure and entertainment destination, announced today that financing for the USD1.2bn project is now complete, by signing the largest real estate asset based facility in the UAE. Reem Mall, located on Abu Dhabi’s Reem Island, will offer 2mn sq ft of leasable area (2.9mn sq ft of floor area) comprising 450 stores housing local and international brands, including 85 food and beverage outlets. It will feature education-oriented anchors and family-focused entertainment, including Snow Park Abu Dhabi, a destination attraction. The project is being developed by Al Farwaniya Property Developments, a partnership between Agility, Agility affiliate United Projects for Aviation Services Company (UPAC), and National Real Estate Company (NREC). Al Farwaniya signed a seven-year USD457mn senior credit facility with regional and international banks: Abu Dhabi Commercial Bank (ADCB), Gulf Bank Kuwait, Noor Bank, and Standard Chartered Bank. The facility is subject to final conditions, and is expected to be completed shortly.
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