Bawabat Al Shamal secures $1bn loan for Doha Festival City
Development to comprise of leasable retail space, hotels, convention centre and leisure facilities
Bawabat Al Shamal Real Estate Company (BASREC), a joint venture comprising Al Futtaim Real Estate Services, Qatar Islamic Bank, Aqar Real Estate Development and Investment and a private Qatari investor, has secured a $1bn loan to fund the construction of its $1.65bn Doha Festival City project.
The development will comprise 260,000m2 of gross leasable retail space, in addition to hotels, a convention centre and leisure facilities, and will house the first IKEA store in the Gulf country.
Located just north of downtown Doha on Al Shamal Road, the first phase of the project is due for completion in the first quarter of 2013, while the remaining components of Doha Festival City will be ready in 2015, according to the developer.
QInvest acted as financial advisor and bookrunner to the transaction, with Commercial Bank of Qatar and unlisted Barwa Bank fulfilling mandated lead arranger roles.
