UPAC signs $165m loan to finance Abu Dhabi mall

26/12/2017 20:46 AST

Kuwait-based United Projects for Aviation Services Company (UPAC), a top real estate firm, has signed a five-year KD 50.1 million ($165.4 million) loan facility agreement to finance its investment in Abu Dhabi's Reem Mall, a report said.

The agreement was signed Gulf Bank Kuwait and Ahli Bank of Kuwait (ABK), reported Kuwait Times.

"UPAC's solid financial position and sound reputation no doubt facilitated the success and closure of this agreement, as it supports our future expansion plans in the commercial real estate market, to include Abu Dhabi's Reem Mall," Nadia Akil, UPAC chief executive officer was quoted as saying in the report.

Upon completion, Reem Mall will offer 2.9 million sq ft of retail, leisure, dining and entertainment on Abu Dhabi's Reem Island. Comprising 450 stores housing local and international brands, 85 of which will be Food and Beverage outlets, as well as a range of family-focused entertainment and edutainment anchors, Reem Mall will be a unique addition to Abu Dhabi's family leisure attractions, the report said.

The project is being developed by Al Farwaniya Property Developments, a partnership between Agility, UPAC, and National Real Estate Company (NREC), it added.

"Leasing for Reem Mall is progressing well and negotiations are underway with leading retail groups. We are proud to have executed agreements with prominent retailers that include Landmark, Dubai Holding Group, Majid Al Futtaim and others, bringing many of the top international and local brands including Vox cinemas, Magic Planet, Carrefour, Centrepoint, Max, New Look, and Snow Park Abu Dhabi," Akil added.

In November, Agility, UPAC, and NREC, the consortium behind Reem Mall announced that financing for the $1.2 billion project was completed through the signing a seven-year credit facility agreement for $457 million with regional and international banks, according to the report.

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