Eagle Hills Diyar signs $374m deal for Marassi Al Bahrain hotels, mall
An Address- and Vida-branded hotel each will be built, and connected to the 22ha Marassi Galleria mall
Eagle Hills Diyar has inked a $374m financing deal with UAE- and Bahrain-based banks – including First Abu Dhabi Bank and Khaleeji Commercial Bank, among various others – to develop two hotels – one each branded as Address and Vida – and the Marassi Galleria mall project at its Marassi Al Bahrain megaproject.
According to statement, the agreement will finance the construction of the 22ha Marassi Galleria mall as well as the Address and Vida hotels – both of which will be connected to the mall.
The deal was signed by Low Ping, chief executive officer at Eagle Hills and Dr Maher Al Shaer, managing director at Eagle Hills Diyar.
Banks involved in the deal include First Abu Dhabi Bank; Emirates NBD; Abu Dhabi Commercial Bank; Al Salam Bank Bahrain; Kuwait Finance House; Khaleeji Commercial Bank; and First Energy Bank. Representatives from all these institutions attended the ceremony.
Marassi Al Bahrain will be home to 22,000 people across 6,000 residential units when it is complete, offering 24.5ha of retail space.
Al Shaer said the financing agreement would bring the firm “closer to the completion of some of the kingdom’s most anticipated entertainment and residential offerings”.
He added: “Construction on site is progressing at full pace with Basement works already completed and the Mall Envelope expected to be ready by July 2020," he added.
“We also foresee that tenants will be able to commence the fit-out work of their units from Q3 2020”, he added.