The facilities will be used to finance the infrastructure of Al-Raha Beach, a mixed-use residential, office and retail development being built by ALDAR along 8.5 kilometers of natural beachfront within the emirate of Abu Dhabi.
The facilities are divided into a conventional term loan facility and an Islamic Ijara (leasing) facility conforming to the principles of Islamic Sharia and are scheduled to mature in 2011.
Morgan Stanley, Abu Dhabi Commercial Bank, Dubai Islamic Bank, National Bank of Abu Dhabi and First Gulf Bank are Mandated Lead Arrangers and have fully underwritten the facilities.
ALDAR is the leading strategic real estate developer in Abu Dhabi in terms of its development projects and land bank, and is one of the largest UAE-listed property developers by market value. ALDAR's developments include the construction and management of offices, residential properties, retail sites, hotels, tourist attractions, leisure facilities, luxury resorts and schools. ALDAR's involvement in the property development process ranges from sourcing land, carrying out feasibility studies, developing master development plans, the development of land, leasing and sales, holding completed developments as investment properties, asset management and facility management.
ALDAR was incorporated as a public joint stock company on 23 February 2005 and was listed on the Abu Dhabi Securities Market (ADSM) on 4 April 2005 following an initial public offering. Approximately 25% of ALDAR's shares are currently held by entities related to the Government of Abu Dhabi.
ALDAR's US$50 billion worth of planned developments include Al Raha Beach, a mixed-use residential, commercial and retail project to be built on 8.5 kilometers of natural beachfront within the emirate of Abu Dhabi. The development is expected to house over 120,000 residents and is located on the beach side of the main highway running between Abu Dhabi and Dubai with links to the Abu Dhabi International Airport, Al Raha Gardens and Khalifa City. Al Raha Beach is one of the first designated areas where non-UAE nationals can invest in leasehold property within Abu Dhabi.
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ALDAR Properties PJSC USD2.1 million secured term finance facilities
- United Arab Emirates: Wednesday, June 06 - 2007 at 15:19
- PRESS RELEASE
Bookrunners Morgan Stanley and Dubai Islamic Bank today announced the successful launch of syndication of separate conventional secured term loan and Islamic Ijara facilities respectively, aggregating USD2.1 billion for ALDAR Properties PJSC ('ALDAR').
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Log in to request more information from Aldar Properties
Notes and media contacts
In case of any questions relating to the above, please contact:Saida Rzayeva, Vice-President, CEEMEA Loan Syndicate, Morgan Stanley;
+44 20 7677 4067; Dan Maze, Executive Director, Leveraged and Acquisition Finance, Morgan Stanley;
+44 20 7677 3229
Omair Mooraj, Managing Director, Global Head of Project Finance, Structured Finance & Syndications, Dubai Islamic Bank; +9714 3634110; +97150 5521139
Fawad Hussain, Vice President, Project Finance, Structured Finance & Syndications, Dubai Islamic Bank; +9714 3634173; +97150 5066910
About ALDAR Properties
ALDAR Properties PJSC is a premier real estate development, management and investment company with headquarters in Abu Dhabi, UAE. The company was formed as the result of an Initial Public Offering (IPO) of shares. The PJSC was created under Emiri Decree No 808 of 2004. ALDAR Properties PJSC is owned by leading Abu Dhabi institutions, founder shareholders and individual investors.
ALDAR Properties PJSC was created to fast track real estate investment opportunities, and to offer an opportunity to participate in the prosperity of this increasingly important industry in the UAE.
The current property portfolio includes major developments and re-developments within the Abu Dhabi Emirate, such as the Central Market in Abu Dhabi, the Al Raha Beach Development, Al Gurm Resort, Al Mamoura - the Mubadala Development Company and Environment Agency Abu Dhabi Headquarter Building in Abu Dhabi, and Al Jimi Mall Expansion in Al Ain.
For further media information contact:
Sufeena Hussain
Account Manager
Buchanan Middle East
A WPP Company
Direct: +971 4 3698555 Ext. 558
Mobile: +971 50 2571214
Fax: +971 4 3698556
Posted by Anne-Birte Stensgaard, Senior News EditorWednesday, June 06 - 2007 at 15:19 UAE local time (GMT+4)
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