Wednesday 19, April 2017 by Nabilah Annuar

Tamouh Investments signs AED 310 million financing facility with ADIB for Paragon Bay Mall

Facility to finance final phase of Paragon Bay Mall construction.

Tamouh Investments has announced the signing of a AED 310 million facility to fund the final phase of the construction of Tamouh’s Paragon Bay Mall in Marina Square, Reem Island. The ten year project financing will be provided by Abu Dhabi Islamic Bank (ADIB), which was the mandated lead arranger and sole bookrunner for the transaction.

 

Paragon Bay Mall will be the first lifestyle community mall in Marina Square, offering waterfront dining, a selection of 180 shopping outlets and a marina with 120 berths when it opens in about 12 months’ time. Msquared Shopping Centres, a leading regional retail consultant, is responsible for leasing and operations of Paragon Bay Mall.

 

Commenting on the transaction, Kashif Shamsi, Tamouh’s Group Chief Financial Officer, said, “We are pleased to have secured financing for the final phase of Paragon Bay Mall’s construction, which reflects the trust that the bank has in Tamouh‘s commitment to deliver our projects. The mall marks the start of the next phase of the development of Marina Square as we look to further expand the community with the addition of a hotel and residential units over the coming years. The transaction is a clear indicator of the stability of the Abu Dhabi real estate market and Tamouh’s commitment to the continued sustainable development of Reem Island.”

 

Arif Usmani, Global Head of Wholesale Banking Group of ADIB, added, “ADIB has established a strong track record in financing key commercial real estate developments in the UAE. As one of the leading banks in the UAE, we are proud to partner with proven developers like Tamouh to support the continued development of the UAE economy. Paragon Bay Mall’s fusion of leisure, entertainment and retail exemplifies this approach. When it opens next year, the Tamouh Investments-led project will represent a positive addition to Reem Island, one of Abu Dhabi’s most popular and fastest-growing neighbourhoods.”

 

Wissam Moukahal, Executive Chairman at Macquarie Capital Middle East, said, “Following the success of the Horizon Towers financing, we are pleased to continue our partnership with Tamouh. The latest financing facility for the Paragon Bay Mall demonstrates Tamouh’s strong reputation within the local bank market and continued appetite for well-structured real estate transactions.”

 

Rashid Doleh, Founding Partner of Msquared commented, “We look forward to the successful introduction of Paragon Bay to Abu Dhabi’s retail landscape. Located on the waters’ edge the centre will offer the residents of the capital their first true lifestyle centre, correctly pitched to the needs of community residents and visitors alike.”

 

Macquarie Capital Middle East, the corporate advisory and capital markets arm of Macquarie Group, acted as a sole financial adviser to Tamouh on the financing. Winston & Strawn acted for Abu Dhabi Islamic Bank and Berwin Leighton Paisner acted as legal adviser for Tamouh.

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