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Bahrani developer Eagle Hills Diyar has secured a 130 million Bahraini dinar ($345 million) dual-currency real estate financing facility to accelerate the development of Marassi Al Bahrain mega project.
Dubai-listed Mashreq played a vital role in structuring the real estate deal, acting as the sole coordinator, bookrunner, investment manager, security agent, and account bank, according to a press statement.
Mashreq and Kuwait Finance House - Bahrain were mandated as lead arrangers, who fully underwrote the entire facility.
“This strategic arrangement will provide us with the resources to accelerate the development of Marassi Al Bahrain,” said Maher Al Shaer, Managing Director of Eagle Hills Diyar.
He added that the facility will allow the launch of new residential offerings, leisure facilities, and experiences that will further elevate Marassi Al Bahrain’s position as a leading luxury lifestyle destination.
The 875,000 square metre (sqm) Marassi Al Bahrain houses 6,600 residential apartments, 245,000 sqm of retail space, and Marassi Galleria, a shopping and entertainment destination, in addition to two hotels, according to the project’s website.
Eagle Hills Diyar has delivered a number of residential projects in Marassi Al Bahrain, with several additional projects currently under construction.
(Writing by P Deol; Editing by Anoop Menon)
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