Agility, UPAC and NREC part of consortium backing the shopping centre
Agility, UPAC, and NREC, the consortium behind Abu Dhabi’s Reem Mall on Tuesday announced the completion of the financing for the $1.2 billion project, by signing the largest real estate asset based facility in the United Arab Emirates in 2017.
Reem Mall, located on Abu Dhabi’s Reem Island, will offer 2 million sq. ft. of leasable area (2.9 million sq. ft. of floor area) comprising 450 stores. It will feature education-oriented anchors and family-focused entertainment, including Snow Park Abu Dhabi, a destination attraction.
“The business climate in Abu Dhabi is one of the things that makes it so attractive to investors. The speed with which Abu Dhabi authorities completed the formalities to proceed with Reem Mall is a great example of efficiency in action,” said Tarek Sultan, CEO, Agility. “The Agility group is making a significant investment in Abu Dhabi because we strongly believe in the Reem Mall project and in Abu Dhabi’s growth prospects.”
The project is being developed by Al Farwaniya Property Developments, a partnership between Agility, Agility affiliate United Projects for Aviation Services Company (UPAC), and National Real Estate Company (NREC).
To complete the financing, Al Farwaniya signed an agreement for a $457 million senior credit facility, according to a statement on the mall website. The seven-year credit facility is provided by regional and international banks: Abu Dhabi Commercial Bank (ADCB), Gulf Bank Kuwait, Noor Bank, and Standard Chartered Bank. The facility is subject to final conditions, and is expected to be completed shortly.
Faisal Sultan, Chairman of NREC, said: “Reem Mall is moving forward in an exciting way. It is one of the most significant leisure and retail developments ever undertaken in Abu Dhabi. We look forward to the day it opens its doors to its residents and visitors.”
The Reem Mall site is located in the Najmat District on Reem Island, the residential and commercial master development by Reem Developers. Reem Island is expected to have a population of 200,000 residents at completion.