The Galleria announces $67 million debt refinancing


September 26, 2013 | By techimages2

Mubadala Real Estate & Infrastructure (MREI), a business unit of Abu Dhabi-based Mubadala Development Company, and Gulf Related, a regional real estate development company focused on high-end retail, residential and mixed-use real estate developments in the Middle East, has refinanced the debt of their signature joint project, The Galleria on Al Maryah Island, with the National Bank of Abu Dhabi (NBAD).

The $67.4 million refinancing facility will help The Galleria to further strengthen its capital structure, reduce its borrowing cost and generate over 50% in annual interest expense savings. The loan refinancing was signed following the successful opening and full leasing of The Galleria mall in August of this year.

The debt facility, which represents 60% of the total project cost of The Galleria over an eight-year term, was finalised today at a signing ceremony between Mubadala, Gulf Related and NBAD. Given its attractive terms and strong endorsement of the project, NBAD was the partner of choice to lead this refinancing.

“Our successful opening and full leasing of the project has made it possible for our joint-venture with Gulf Related to refinance the project’s existing debt at attractive terms. This is the second partnership with NBAD on Al Maryah Island and we look forward to growing our partnership with them,” says Ali Eid AlMheiri, executive director of MREI.

“The recent opening of The Galleria and strong traction to date, as evidenced by the 100% leasing rate achieved, is a strong testimony to the strength and strong cash flow of the project. Mubadala and Gulf Related had specific refinancing and structuring needs and we are pleased to have met their demands with this innovative financing structure,” says Alex Thursby, group CEO, NBAD.

“This innovative refinancing facility is an important part of our continued financial and operational enhancement of our Galleria investment and will allow us to optimise the capital structure of the project, reduce borrowing cost and enhance shareholder value,” adds Dr Karim El Solh, CEO of Gulf Capital and co-managing partner of Gulf Related.

Comments

comments

Previous Article Next Article

SHARE

YOU MAY ALSO LIKE /


A new branch of Waitrose comes up in Abu Dhabi’s Khalifa City

British grocer Waitrose has opened its newest store in Abu Dhabi’s Khalifa 

Continue Reading

January 25, 2023 | By RetailME Bureau
Its Netherlands Food Week at Al Maya Supermarkets

UAE-based Al Maya Supermarkets has kicked off its ‘Netherlands Food Week’ that 

Continue Reading

January 20, 2023 | By RetailME Bureau
Tesco announces price lock to support consumers amid inflation (PC: Andrew Parsons / Parsons Media)

British grocery retail chain Tesco has announced a price lock on over 

Continue Reading

January 13, 2023 | By RetailME Bureau
Union Coop renews ISO certification

Dubai-based grocery retailer Union Coop has successfully obtained the ISO 22301, an 

Continue Reading

January 12, 2023 | By RetailME Bureau
Spanish supermarket chain Mercadona announces salary increase amid inflation (PC: Mercadona)

Spanish omnichannel supermarket chain Mercadona has announced salary increase amid inflation that 

Continue Reading

January 3, 2023 | By RetailME Bureau
Choithrams partners with Rove Hotels to open 8 new outlets

Grocery retail chain Choithrams will open eight convenience stores across Rove Hotels’ 

Continue Reading

December 30, 2022 | By RetailME Bureau
Géant to open more than 20 stores in the UAE in 2023

Part of regional retail conglomerate GMG, Géant plans to open more than 

Continue Reading

December 23, 2022 | By RetailME Bureau
FMCG online sales growing by 68% in UAE and 58% in KSA

Online share in FMCG sales has been growing all over the world, 

Continue Reading

December 19, 2022 | By RetailME Bureau
Majid Al Futtaim Retail, Standard Chartered launch region’s first Sustainable Supply Chain Finance Programme

Majid Al Futtaim Retail, operator of the Carrefour franchise in the Middle 

Continue Reading

December 15, 2022 | By RetailME Bureau
GMG and Silal partner to support 1,100 UAE farms access local retail market

UAE-based diversified conglomerate GMG and Silal have signed a memorandum of understanding 

Continue Reading

December 12, 2022 | By RetailME Bureau
Lulu Group partners with Amazon expanding grocery offerings to online customers in the UAE

Abu Dhabi based grocery retail chain Lulu Group has partnered with Amazon 

Continue Reading

November 24, 2022 | By RetailME Bureau
Food Tech Valley partners with Tradeling to boost UAE’s food ecosystem

UAE-government-led initiative Food Tech Valley – announced in 2021 by His Highness 

Continue Reading

November 17, 2022 | By RetailME Bureau




f
Download Images RetailME Magazine