Dubai PR Network, Online Press Release from Dubai and Middle East
 
Property & Real Estate(Real Estate & Retail)
Filter PR by
  
Tamouh Investments Signs AED310 Million Financing Facility with ADIB for Paragon Bay Mall
 

•    AED310 million facility provided by ADIB, which was the mandated lead arranger and sole bookrunner
•    Facility to finance final phase of Paragon Bay Mall construction
•    Macquarie Capital Middle East acted as sole financial adviser
•    Msquared Shopping Centres to lease and operate the Mall

Abu Dhabi, 19 April, 2017 – Tamouh Investments, the largest master developer on Reem Island and leading Abu Dhabi based real estate developer, is pleased to announce the signing of a AED310 million facility to fund the final phase of the construction of Tamouh’s Paragon Bay Mall in Marina Square, Reem Island. The ten year project financing will be provided by Abu Dhabi Islamic Bank (ADIB), which was the mandated lead arranger and sole bookrunner for the transaction.

Macquarie Capital Middle East, the corporate advisory and capital markets arm of Macquarie Group, acted as a sole financial adviser to Tamouh on the financing.

Paragon Bay Mall will be the first lifestyle community mall in Marina Square, offering waterfront dining, a selection of 180 shopping outlets and a marina with 120 berths when it opens in about 12 months’ time. Msquared Shopping Centres, a leading regional retail consultant, is responsible for leasing and operations of Paragon Bay Mall. 

Commenting on the transaction, Kashif Shamsi, Tamouh’s Group Chief Financial Officer, said: “We are pleased to have secured financing for the final phase of Paragon Bay Mall’s construction, which reflects the trust that the bank has in Tamouh‘s commitment to deliver our projects. The mall marks the start of the next phase of the development of Marina Square as we look to further expand the community with the addition of a hotel and residential units over the coming years. The transaction is a clear indicator of the stability of the Abu Dhabi real estate market and Tamouh’s commitment to the continued sustainable development of Reem Island.”

Arif Usmani, Global Head of Wholesale Banking Group of ADIB, added: “ADIB has established a strong track record in financing key commercial real estate developments in the UAE. As one of the leading banks in the UAE, we are proud to partner with proven developers like Tamouh to support the continued development of the UAE economy. Paragon Bay Mall’s fusion of leisure, entertainment and retail exemplifies this approach. When it opens next year, the Tamouh Investments-led project will represent a positive addition to Reem Island, one of Abu Dhabi’s most popular and fastest-growing neighborhoods.”

Wissam Moukahal, Executive Chairman at Macquarie Capital Middle East, said: “Following the success of the Horizon Towers financing, we are pleased to continue our partnership with Tamouh. The latest financing facility for the Paragon Bay Mall demonstrates Tamouh’s strong reputation within the local bank market and continued appetite for well-structured real estate transactions.”

Rashid Doleh, Founding Partner of Msquared commented: “We look forward to the successful introduction of Paragon Bay to Abu Dhabi’s retail landscape. Located on the waters’ edge the centre will offer the residents of the capital their first true lifestyle centre, correctly pitched to the needs of community residents and visitors alike.”

Winston & Strawn LLP acted for Abu Dhabi Islamic Bank and Berwin Leighton Paisner LLP acted as legal adviser for Tamouh. 


Posted by : Dubai PR Network Editorial Team
Viewed 10400 times
PR Category : Real Estate & Retail
Posted on : Wednesday, April 19, 2017  4:18:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Al Qudra Showcases Authentic and Modern Future Projects at C...
Next Story : Asteco signs first master franchise in Saudi Arabia
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Skyline Book Fair 2018 [10394-Views]
The Bremont Waterman [9852-Views]
Holiday hair: The best product to keep your locks smelling fresh and protected [9577-Views]
ServeU to Take Huge Leap Forward with Smart Cleaning Robots [7741-Views]
Emirates celebrates inaugural flight to London Stansted [7228-Views]
Chronoswiss' Exclusive Limited Edition Flying Regulator Marks 31st Anniversary of Kitzbuhe... [7228-Views]
Blackberry Key2: An Icon Reborn [7174-Views]
Marchon Eyewear Summer 2018 Collections [7174-Views]
The Future Takes The Past Tense [7046-Views]
CSR Initiatives by Malabar Gold & Diamonds continues in full strength [6838-Views]
du Distributes Eid Gifts at Al Jalila Children's Hospital [6820-Views]
Consulate General of India Mr. Vipul came as CHIEF GUEST at the blood donation camp organi... [6332-Views]
DWTC events drive AED 12.7bn in economic value for Dubai, fuelling record 3.3% contributio... [6112-Views]
Al-Futtaim ACE celebrates Eid with exciting offers and activities [6045-Views]
24 hour Mega Sale at Dalma Mall! [5929-Views]
Beauty on the Go [5612-Views]
Purify Your Skin with Skin Republic [5508-Views]
A Sparkling Gift Guide for Eid al-Fitr by Mouawad [5490-Views]
Filorga introduces two new additions to its UV-BRONZE range offering a comprehensive range... [5466-Views]
Al Ghandi Auto brings the most Affordable Electric Vehicle - Chevrolet Bolt EV - to the UA... [5398-Views]
Skin Hydration is one of the primary challenges our skin faces in the UAE [5075-Views]
Rapid renewal of smartphone portfolio brings next generation Nokia 5 and Nokia 3 to fans ... [4837-Views]
New open-air member of the AMG GT family [4734-Views]
Hamdan Bin Mohammed Heritage Center distributes Eidia on first day of Eid [4734-Views]
Abu Dhabi Treats Eid Al Fitr Visitors to Shopping Bonanza with 90% Discounts Across 15 Sel... [4697-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories