Emaar Properties gets $1.5bn loan from First Abu Dhabi Bank
Dubai-based Emaar Properties has obtained a $1.5bn corporate finance loan from First Abu Dhabi Bank, sources confirmed on Sunday
Dubai-based Emaar Properties has obtained a $1.5bn corporate finance loan from First Abu Dhabi Bank, sources confirmed on Sunday.
The property developer agreed on the financing after initially holding talks with some of its relationship banks for three bilateral loans of $500m each, according to a Reuters report.
Emaar came out of the meetings with a $1.5bn loan from First Abu Dhabi Bank, underwriting the whole amount, sources said.
The loan will have a five-year tenor and will pay a margin of 135 basis points over London interbank offered rates.
The company announced earlier this year that it plans to sell as much as 30% of its real estate development business in the UAE in an initial public offering by the end of the year.
The funds raised will primarily be distributed as dividend to Emaar’s shareholders, it said in June, and will be listed on the Dubai Financial Market.