Emaar secures $500m funding for Istanbul project
HSBC, StanChart and Emirates NBD provide seven-year Emaar Square loan
Emaar Properties has announced that it has agreed a $500m deal with a consortium of banks to fund development of its Emaar Square project in Istanbul.
The mixed-use development - Emaar's second project in Turkey- will contain the biggest shopping mall in Turkey, a 180-room, five-star hotel, offices, leisure space amd more than 1,000 luxury homes.
The consortium of banks that have agreed to provide the $500m (AED: 1.84bn) in funding include Standard Chartered Bank, Emirates NBD and HSBC. The funding will be repaid in seven years.
Emaar Properties' chairman Mohamed Alabbar said: “Having recorded strong financial performance this year, Emaar is focused on the on-schedule completion of our master-planned projects in key emerging markets and in Dubai.
"The new financing facility highlights Emaar’s ability to raise long-term finance and reiterates the strong market confidence in our development competencies and our ability to successfully deliver projects.”
He described Turkey as "one of our key markets", where it has already handed over properties at a master-planned community known as Tuscan Valley in Büyükçekmece.
"we are now developing Emaar Square in Istanbul that will further contribute to the country’s socio-economic growth,” he added.