Clifford Chance advised Standard Chartered Bank (SCB) as part of a consortium of banks on a seven year senior credit dual Islamic and conventional facility to finance the construction and development of Reem Mall in Abu Dhabi.
The consortium of regional and international banks, formed of SCB, Abu Dhabi Commercial Bank (ADCB), Gulf Bank Kuwait and Noor Bank, provided US$457 million to project developers Al Farwaniya Property Developments. Al Farwaniya Property Developments is a partnership between Agility, Agility affiliate United Projects for Aviation Services Company (UPAC) and National Real Estate Company (NREC). The facility signed in November and is expected to close shortly. The total debt and equity financing stands at US$1.2 billion in total.
Once construction is completed, Reem Mall will offer over 450 retail stores and 85 food and beverage outlets across a 2.9 million sq. ft area. The mall will be located on Abu Dhabi's Reem Island and will feature Snow Park Abu Dhabi.
Lead Partner, Peter Avery said: 'We were very pleased to advise Standard Chartered Bank, Abu Dhabi Commercial Bank, Noor Bank and Gulf Bank on this complex, dual Islamic and conventional marquee financing. We are delighted to have had the opportunity to build on our strong relationships with Standard Chartered Bank and each arranging bank and to support Agility and NREC on yet another of its successful financings."
Peter was supported by Senior Associate Jeremy Barker (Financial Markets, Dubai) and Associates Tom Bamford (Financial Markets, Dubai) and Lillian Mirsafavi (Real Estate, Dubai), with Partner Qudeer Latif and Senior Associate Ahmed Choudhry (both Financial Markets, Dubai) advising on the Islamic finance aspects.
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For further information about this release contact Magdalena Suder on +971 4 503 2744 or magdalena.suder@cliffordchance.com
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© Press Release 2017
