IFA Hotels & Resorts signs US$100 million loan agreement with Emirates NBD

Published June 24th, 2008 - 12:25 GMT

IFA Hotels & Resorts (IFA HR) has secured a US$100 million syndicated loan facility led by Emirates NBD. The facility will be utilised towards growing the IFA HR global portfolio and tapping into new emerging markets. IFA HR is currently present in over 15 markets across the Middle East, Europe, Africa, Indian Ocean region, Asia and North America.

 

Emirates NBD is the mandated lead arranger, underwriter and bookrunner for the transaction. Commercial Bank of Dubai is acting as an arranger. General syndication will be launched in one week’s time. 

 

Talal Jassim Al-Bahar, Chairman and Managing Director, IFA HR said: “This is the start of a long term relationship and we’re proud to be working with Emirates NBD; we hope this will be one of many transactions in the coming years.”

 

“This is a prestigious transaction for us, particularly as Emirates NBD has initiated its formal relationship with IFA Hotels & Resorts from this transaction. We are proud of our association with IFA Hotels & Resorts and wish them success in all of their future endeavours,” said Mahdi Kazim, General Manager Large Corporates at Emirates NBD.

 

The collaboration is the first in a series of project financings that IFA HR intends to launch internationally at different stages over the next two to three years as the mixed-use developer expands its global presence. “Our current projects alone will require upwards of US$ 1 billion in debt financing over this period,” said Tarik Dahir, Vice President of Corporate Funding, IFA HR.

Rajan Khetarpal, Deputy General Manager & Head Global Debt Capital Markets & Overseas Corporates, Emirates NBD said: “We are very pleased with the success of IFA Hotels & Resorts’ debut transaction in this market, particularly from the point of view of closing a real estate transaction in current market conditions. We look forward to working with them in their future transactions. Emirates NBD continues supporting clients in their quest for growth.”


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