Tecom Group talks to banks about $272m loan
DUBAI, February 26, 2016
Tecom Group, a business park operator with a major role in developing Dubai's economy, is in the market for a syndicated loan of up to Dh1 billion ($272 million), banking sources said.
The company, a unit of sovereign investment vehicle Dubai Holding, was looking for funding with a 10 year lifespan to finance building projects in its business parks, two of the sources said.
One of the sources said the company had not decided on the structure of any deal yet or how many buildings it wanted to finance.
Tecom was not immediately available to comment.
Dubai's real estate market has softened in the past year as investment appetite has waned against a backdrop of reduced liquidity caused by low oil prices.
According to its website, Tecom operates 10 business communities, where around 4,650 businesses employ a total workforce of 74,000.
Tecom closed a general syndication of a loan of up to Dh4 billion in March last year, according to IFR, a Thomson Reuters unit. - Reuters
