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Financing complete for $1.2 billion Reem Mall in Abu Dhabi

dubai - Developer signs an agreement for a $457 million senior credit facility

Agility, UPAC and NREC, the consortium behind Abu Dhabi's Reem Mall, has announced that financing for the $1.2 billion project is now complete, by signing the largest real estate asset-based facility in the UAE in 2017.

"The business climate in Abu Dhabi is one of the things that makes it so attractive to investors. The speed with which Abu Dhabi authorities completed the formalities to proceed with Reem Mall is a great example of efficiency," said Tarek Sultan, CEO, Agility.

Reem Mall, located on Abu Dhabi's Reem Island, will offer 2 million sqft of leasable area comprising 450 stores, including 85 food and beverage outlets. It will feature education-oriented anchors and family-focused entertainment, including Snow Park Abu Dhabi.

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).

To complete the financing, Al Farwaniya signed an agreement for a $457 million senior credit facility. The seven-year credit facility is provided by regional and international banks: Abu Dhabi Commercial Bank, Gulf Bank Kuwait, Noor Bank and Standard Chartered Bank. The facility is subject to final conditions and is expected to be completed shortly.

The Reem Mall site is located in the Najmat District on Reem Island, which is expected to have a population of 200,000 residents at completion.

- business@khaleejtimes.com