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United Arab Emirates : Waha Land inks AED 426 million financing package with Emirates Islamic Bank
Publish Date : 29-Jun-2016
A wholly owned company of Waha Capital, Waha Land has inked a AED 426 million financing package with Emirates Islamic Bank aiming at further development of its ALMARKAZ light industrial real estate project, following the successful leasing of existing facilities.
Stage II is set to add an additional 187,000 m2 of premium industrial and logistics facilities. It will also feature retail and commercial amenities to boost the business park experience of ALMARKAZ. Construction of the new phase will be done in 2 packages.
Stage 2a comprises of 92,500m2 of industrial, logistics facilities along with retail and commercial amenities. In June 2017, the first buildings of Stage 2a package will be available for occupancy. During the fourth quarter of 2017, delivery of the entire 92,500 m2 package along with retail and commercial amenities is expected.
For delivery of the initial 92,500 m2 package, Ali & Sons Contracting L.L.C, a leading Abu Dhabi construction company, was appointed following a rigorous tender process.
Location of the project is 25km south of the city of Abu Dhabi. It is in close proximity to regional transportation networks including the planned Etihad Rail freight network.
Hazem Saeed Al Nowais, Chief Executive Officer of Waha Land said, "ALMARKAZ has proven extremely popular because of the quality of the facility, and its excellent location as a hub in transport infrastructure.
"This success has enabled the project to achieve attractive financing. Building on the success of Stage 1, we are moving ahead with our planned development, which aims to meet the needs of the Abu Dhabi manufacturing and logistics market in addition to SME's.
"The ability to raise financing with the given economic backdrop further underscores the strong value proposition of the Waha Land business model and the strength of the ALMARKAZ Industrial Development."
Additional development at ALMARKAZ will cover flexible industrial building sizes, along with fitted industrial units, specialised warehouse and storage facilities, commercial offices and food and beverage outlets to serve the growing working population at ALMARKAZ.
