Tabreed (TABR.DU) acquired a district cooling plant from International Capital Trading (‘ICT’). The acquisition marks Tabreed’s 71st district cooling plant throughout the GCC, and adds c.11,500 RT of cooling to its existing connected capacity. The district cooling plant provides cooling to ICT’s Nation Towers, located on the Abu Dhabi Corniche. The development includes Nation Galleria Mall, Nation Towers Offices, Nation Towers Residences, Nation Riviera Beach Club and the St. Regis Abu Dhabi Hotel. The district cooling plant will be owned by Prime District Cooling LLC (‘Prime’), a special purpose vehicle set up by Tabreed and ICT as JV partners to acquire the plant. Tabreed will own a 75% share in Prime with ICT holding the remaining 25% share of the JV. The acquisition has been mainly funded by an AED80 mn, 15 year non-recourse project finance loan from First Gulf Bank, Abu Dhabi (FGB.AD).( Bourse statement)   FGB (AD): AED13.40 as of 18 Jan, Rating: Buy, TP: AED14.00/share, MCap: USD16,431mn, FGB UH / FGB.AD