GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Real Estate

 
  Share

• AED310 million facility provided by ADIB, which was the mandated lead arranger and sole bookrunner
• Facility to finance final phase of Paragon Bay Mall construction
• Macquarie Capital Middle East acted as sole financial adviser
• Msquared Shopping Centres to lease and operate the Mall

Abu Dhabi, 19 April, 2017 – Tamouh Investments, the largest master developer on Reem Island and leading Abu Dhabi based real estate developer, is pleased to announce the signing of a AED310 million facility to fund the final phase of the construction of Tamouh's Paragon Bay Mall in Marina Square, Reem Island. The ten year project financing will be provided by Abu Dhabi Islamic Bank (ADIB), which was the mandated lead arranger and sole bookrunner for the transaction.

Macquarie Capital Middle East, the corporate advisory and capital markets arm of Macquarie Group, acted as a sole financial adviser to Tamouh on the financing.

Paragon Bay Mall will be the first lifestyle community mall in Marina Square, offering waterfront dining, a selection of 180 shopping outlets and a marina with 120 berths when it opens in about 12 months' time. Msquared Shopping Centres, a leading regional retail consultant, is responsible for leasing and operations of Paragon Bay Mall.

Commenting on the transaction, Kashif Shamsi, Tamouh's Group Chief Financial Officer, said: “We are pleased to have secured financing for the final phase of Paragon Bay Mall's construction, which reflects the trust that the bank has in Tamouh‘s commitment to deliver our projects. The mall marks the start of the next phase of the development of Marina Square as we look to further expand the community with the addition of a hotel and residential units over the coming years. The transaction is a clear indicator of the stability of the Abu Dhabi real estate market and Tamouh's commitment to the continued sustainable development of Reem Island.”

Arif Usmani, Global Head of Wholesale Banking Group of ADIB, added: “ADIB has established a strong track record in financing key commercial real estate developments in the UAE. As one of the leading banks in the UAE, we are proud to partner with proven developers like Tamouh to support the continued development of the UAE economy. Paragon Bay Mall's fusion of leisure, entertainment and retail exemplifies this approach. When it opens next year, the Tamouh Investments-led project will represent a positive addition to Reem Island, one of Abu Dhabi's most popular and fastest-growing neighborhoods.”

Wissam Moukahal, Executive Chairman at Macquarie Capital Middle East, said: “Following the success of the Horizon Towers financing, we are pleased to continue our partnership with Tamouh. The latest financing facility for the Paragon Bay Mall demonstrates Tamouh's strong reputation within the local bank market and continued appetite for well-structured real estate transactions.”

Rashid Doleh, Founding Partner of Msquared commented: “We look forward to the successful introduction of Paragon Bay to Abu Dhabi's retail landscape. Located on the waters' edge the centre will offer the residents of the capital their first true lifestyle centre, correctly pitched to the needs of community residents and visitors alike.”

Winston & Strawn LLP acted for Abu Dhabi Islamic Bank and Berwin Leighton Paisner LLP acted as legal adviser for Tamouh.


Posted by : GoDubai Editorial Team
Viewed 8778 times
Posted on : Wednesday, April 19, 2017  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Mövenpick Hotels & Resorts' Pakistan Presence Blooms as Firm Signs New Property in the ‘City of...
Next Story : Asteco signs first master franchise in Saudi Arabia
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Rimmel - Brow Squad: Don't Follow the Rules - Define Them
Parfums de Marly, Delina - From the perfumed court to personal fragrances
Marchon Eyewear, Inc. and Calvin Klein, Inc. Announce Renewal of Exclusive Longt...
Protect and Hydrate with Herbal Essentials
New Must-Have Beauty Products from GOSH this October
In The Spotlight at Paris Gallery - The Fragrance Edit
Skyline University College Signed a MoU with Sharjah Police Punishment and Corre...
Introducing the Rosie For Autograph Autumn Winter 17 Collection
Four UAE Designers Take Home LG Signage Design Award
Tissot Everytime Swissmatic
Panasonic Defines New Frontiers of Technology at GITEX 2017
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum Experiences the Tr...
Western Digital showcases its industry leading and latest storage innovations at...
Ulysse Nardin: Marine Chronometer Annual Calendar Monaco
Actress Bhavana inaugurates designer Rehana Basheer's first outlet in the UAE
The iconic Rado Ceramica
Ulysse Nardin Classic Lady Dual Time
LPG Endermologie Offers A Chronobiological Slimming Gel
Al-Futtaim ACE Outdoor Furniture Collection
Carl F. Bucherer Patravi TravelTec II: Two Colors and Three Time Zones for Trave...
Understated elegance distinguishes the Sirius Regulator Jumping Hour from Chronoswiss
The Rado True Stratum - Exclusive new timepiece co-developed with Austrian desig...
du Wellness Expert Participates in Townhall Session to Inspire Corporates to Par...
His Highness Sheikh Khalifa bin Zayed Al Nahyan Issues Federal Law No. (8) of 20...
The great taste of Lavazza coffee now available in an instant!
Experience Emirati Soul Food at Mama Tani Café
Sharjah Police to Issue 150 Specialized License Plate Numbers in Online Auction
FixOnClick.com - A Services-Matching Platform to Help Fix your Services Need Eas...
Sète Port Authority and P&O Ports Get Ready for Start of Operations in 2018
Classic to contemporary, United Furniture unveils new bedroom sets
The Graham Chronofighter Vintage GMT is the tough guys' ticket to time travel
Huawei Ranks 70 on Interbrand's 2017 Best Global Brands Report
Dubai Customs: 70% of Carpet & Art area occupied
GUESS Autumn/Winter 17 BRITTA Handbags
Sharjah Tourism organizes a promotional tour in Saudi Arabia and Kuwait
Moving on Up! Saudi Arabia to Underline Status as Regional Food Manufacturing Fo...
Capital Club to Host Exclusive Dinners featuring Michelin Star Chef, Augusto Valzelli
Better Life launch premium range of large kitchen appliances from Siemens
Ali & Sons Audi unveils all new Q5 and SQ5 in Abu Dhabi and Al Ain
Global Teachers' Forum ‘Qudwa 2017' Set to Raise Curtains in Abu Dhabi Under Pat...
GUESS Launches Stunning Array of Collections for Fall17
Esmod Dubai Opens New Branch in Dubai Design District
Renault Middle East celebrates Saudi women in the driver's seat with model giveaway
Etisalat Showcases Digital in Mobility at GITEX Technology Week
Level Shoes Hosts Christian Louboutin for “Dear India”
Plentiful Cinema-based Activities Offered by SICFF 2017
EU Ambassador to the UAE to Inaugurate First Ever European Union Delegation to G...
Air Arabia opens new sales office and city check-in services in Dubai
Dubai International Motor Show in a league of its own with eye-catching line-up ...
Korea Pavilion, GITEX Technology Week 2017, Hall 3-4, Sheikh Rashid Hall