Emaar Properties PJSC, the global property developer, has signed a new financing facility amounting to US$500 million (approx AED 1.835 billion) with a consortium of banks including Standard Chartered Bank, Emirates NBD Capital Limited and HSBC Bank PLC.
Underlining the financial strength and commitment of the company to undertake large scale projects, the new financing facility will be used for the development of Emaar Square, the second mixed-use development by Emaar in Turkey. The facility will be repaid in seven years.
Mohamed Alabbar, Chairman of Emaar Properties PJSC, said: “Having recorded strong financial performance this year, Emaar is focused on the on-schedule completion of our master-planned projects in key emerging markets and in Dubai. The new financing facility highlights Emaar’s ability to raise long-term finance and reiterates the strong market confidence in our development competencies and our ability to successfully deliver projects.”
He added: “With the current positive growth outlook of Emaar in all its key markets, we are exploring new opportunities to strengthen our project portfolio and create long-term value for our stakeholders. Turkey is one of our key markets, where we have successfully handed over homes in the first phase of our first integrated community, Tuscan Valley, and we are now developing Emaar Square in Istanbul that will further contribute to the country’s socio-economic growth.”
Emaar Square spans 73,000 square metres, and offers luxury living in a stunning new urban neighbourhood. The development comprises over 1,000 luxury homes, a 180 room five star hotel, a wide range of leisure facilities, offices, and a world class shopping mall, the largest in Turkey. The Emaar Square Shopping Mall, a trophy asset within the development, will offer city dwellers a world class shopping and leisure destination.
Located in Büyükçekmece, Tuscan Valley introduced the concept of master planned communities to Istanbul, featuring villas, and the Tuscan Shopping Arcade, with 25 stores and approximately 3,700 square metres of rentable commercial space. Emaar won the 'Best Developer' of residential and mixed-use projects in Turkey at the 2010 Euromoney Real Estate Awards.