Eagle Hills Diyar, the developer of Marassi Al Bahrain waterfront project in Bahrain, announced on Sunday that it has signed a funding agreement worth $374 million with a syndicate of banks from the United Arab Emirates (UAE) and Bahrain to finance the construction of Marassi Galleria, the Address Hotel and VIDA Hotel.
Eagle Hills Diyar is a joint venture between Abu Dhabi-based private real estate developer Eagle Hills and Bahrain's Diyar Al Muharraq, the master developer of Diyar Al Muharraq mega-project.
The syndicate included lenders First Abu Dhabi Bank, Emirates NBD, Abu Dhabi Commercial Bank, Al Salam Bank Bahrain, Kuwait Finance House, Khaleeji Commercial Bank and First Energy Bank, Eagle Hills Diyar said in a press statement.
The statement said the wider 875,000 square metre (sq m) Marassi Al Bahrain master plan includes 6,000 residential apartments and 245,000 sq m of retail space, which includes the 200,000 sq m Marassi Galleria.
It said the The Address Marassi Al Bahrain and Vida Marassi Al Bahrain would house approximately 300 branded apartments and 270 hotel rooms.
Low Ping, CEO of Eagle Hills, said in the statement that the signing of the financing agreement was a step towards achieving the company's "mission of becoming the global provider of quality lifestyle communities and iconic destinations".
Eagle Hills is currently developing mixed-use projects in Jordan, Morocco, the UAE, Oman, Ethiopia, Croatia, Greece and Serbia.
Eagle Hills Diyar managing director Maher Al Shaer said basement works have been completed and the mall envelope is expected to be ready by July 2020. He said he expects tenants to be able to commence fit-out work from the third quarter of 2020.
Marassi Al Bahrain will be home to 22,000 people when complete, according to the statement.
(Writing by Anoop Menon; Editing by Michael Fahy)
(anoop.menon@refinitiv.com)
© ZAWYA 2019
