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Qatar’s property market maturing well AFP’s project under highly accelerated construction plan Realty Capital announces completion of 5th podium of i-Rise |
$700m facility for Atlantis in The Palm Jumeirah, Dubai
- July 27, 2005, 1:00 amIstithmar PJSC and Kerzner International Limited recently signed a $700 million financing agreement with a consortium of banks to raise funds for the Atlantis, The Palm project. The project will include two hotels totalling approximately 2,000 rooms, conference and meeting facilities and the largest aquatic theme park in the region.
Valued at $1.2 billion, it will be financed through the $700 million loan facility and $500 million of equity. The equity investment will be subscribed by the sponsors and third party investors.
The project will be constructed on The Palm, Jumeirah, the multi-billion dollar leisure and residential island in Dubai.
The joint venture company, Kerzner Istithmar Limited, appointed Abu Dhabi Commercial Bank, Barclays Capital, the investment banking division of Barclays Bank PLC, The Commercial Bank of Dubai PSC, Emirates Financial Services PSC, the investment banking arm of Emirates Bank and HSBC Bank plc, (together the “Mandated Lead Arrangers”) to arrange the $700 million, 12-year loan facility.
Sultan bin Sulayem, executive chairman of Istithmar said: “We are pleased that this landmark and strategic project is matched by the first of its kind financing in the region. Achieving a non-recourse financing deal of this size outside the power and petrochemical sector is truly a landmark transaction for the region.’’
The facility, which is fully underwritten by the Mandated Lead Arrangers, will be used for the financing of the construction and furnishing costs and expenditures related to the opening of the Project.
Syndication of the facility was launched in February 2005 via Coordinating Bookrunner, HSBC Bank plc, and Joint Bookrunner, Barclays Capital, and has received strong support from the banking market. Banks participating in the facility through syndication include Royal Bank of Scotland plc, National Bank of Dubai, BBK, Scotiabank (Bahamas) Ltd, China Construction Bank Corporation, Hong Kong Branch, and Ahli United Bank B.S.C.
The project will be the first major destination resort of its kind in the region. The property has been designed to be the premier destination resort and entertainment centre in Dubai and will be central to the Government of Dubai’s goal of increasing tourism to the Emirate and achieving its goal of 15 million overnight visitors by 2010. It will include a 5-star hotel with approximately 1,200 rooms and a 4-star hotel with approximately 800 rooms. In advance of construction, site work commenced in late 2004. Construction is scheduled to commence later in 2005 and completion of the project is expected by mid 2008.
Source - Khaleej Times
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