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

YOU MAY ALSO LIKE /



It is the final week of the 27th edition of the Dubai 

Continue Reading

January 21, 2022 | By RetailME Bureau

Foodlink Global Restaurants & Catering Services, the F&B services enterprise in India 

Continue Reading

December 29, 2021 | By Zubina Ahmed

‘Tis the time to be jolly! The festive season is back. Celebrate 

Continue Reading

December 19, 2021 | By RetailME Bureau

“It sounds like this, Luh Pan Koh-ti-dyan and means ‘the daily bread’, 

Continue Reading

December 6, 2021 | By Zubina Ahmed

The long weekend might be over but the Etisalat Beach Canteen 2021 

Continue Reading

December 5, 2021 | By RetailME Bureau

UAE gears up to celebrate this year’s National Day celebrations in the 

Continue Reading

November 28, 2021 | By Zubina Ahmed

UAE-based Etisalat Group has signed an agreement with elGrocer, a leading online 

Continue Reading

November 18, 2021 | By RetailME Bureau

Amazon.ae announced that the 11.11 sale is back once again this year 

Continue Reading

November 8, 2021 | By RetailME Bureau

Abu Dhabi Cooperative Society’s COOP City store is now open in Lake 

Continue Reading

November 3, 2021 | By RetailME Bureau

Union Coop, a consumer cooperative in the UAE, revealed that 78% of 

Continue Reading

August 24, 2021 | By Jibran Chouguley

Union Coop has opened its 23rd branch within the UAE in Jumeirah 

Continue Reading

August 2, 2021 | By Jibran Chouguley

Nando’s has revealed their revamped Sheikh Zayed Road outlet where newcomers and 

Continue Reading

July 8, 2021 | By Jibran Chouguley




Download Images RetailME Magazine