Mubasher: Agility Public Warehousing on Tuesday announced, through its subsidiary United Projects Company for Aviation Services (UPAC), that the Abu Dhabi-based Al Farwaniya Property Company LLC has signed a seven-year senior credit facility for a value of $457 million.
Al Farwaniya has signed the deal with a consortium of international and regional banks, including Gulf Bank Kuwait, Abu Dhabi Commercial Bank (ADCB), Noor Bank, and Standard Chartered Bank to develop Reem Mall in Abu Dhabi, Agility added in a statement.
The credit facility closure is subject to the project sponsors, including Agility, UPAC, and National Real Estate Company (NREC), meeting final conditions, the dual-listed company on Boursa Kuwait and the Dubai Financial Market (DFM) highlighted.
Al Arfaj Real Estate Company, a subsidiary of UPAC, is investing in Reem Mall project in partnership with one of the subsidiaries of NREC.
Agility further noted that this deal has no impact on the company’s current financials, pointing out that a detailed disclosure will be made upon final closing.
