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Emaar signs $500m Turkey real estate loan
Dubai, December 19, 2012
Emaar Properties, Dubai's largest listed developer and builder of the world's tallest tower, has signed a $500 million loan to help finance a real estate project in Turkey, a statement from the company said on Wednesday.
The facility, which runs for seven years, was provided by a consortium of banks including Emirates NBD, HSBC and Standard Chartered.
Mohamed Alabbar, chairman of Emaar Properties, 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.”
“With the current positive growth outlook of Emaar in all its key markets, we are exploring new opportunities to strengthen our project portfolio and create long-term value for our stakeholders,” he added.
“Turkey is one of our key markets, where we have successfully handed over homes in the first phase of our first integrated community, Tuscan Valley, and we are now developing Emaar Square in Istanbul that will further contribute to the country’s socio-economic growth.”
Emaar Square spans 73,000 sq m, and offers luxury living in a stunning new urban neighbourhood. The development comprises over 1,000 luxury homes, a 180 room five star hotel, a wide range of leisure facilities, offices, and a world class shopping mall, the largest in Turkey.
The Emaar Square Shopping Mall, a trophy asset within the development, will offer city dwellers a world class shopping and leisure destination. - Reuters and TradeArabia News Service