Global investment bank Houlihan Lokey has announced it has secured funding for Shapoorji Pallonji International Property Developers (SPIPD) to finance the completion of its Imperial Avenue residential development in Downtown Dubai.
SPIPD is the development arm of Shapoorji Pallonji, one of India’s largest business conglomerates, with a presence in the engineering and construction, infrastructure, real estate, water, energy and financial services sectors. The conglomerate has more than 70,000 employees across 70 countries.
Arun Reddy, Managing Director and Head of Middle East and Africa at Houlihan Lokey, commented, “This transaction marks an important milestone for the development of the Imperial Avenue project and for Dubai. We worked closely with the Real Estate Regulatory Authority (RERA) who helped facilitate the transaction, and we were able to leverage our global reach and access to international capital to secure the desired funding for our client alongside restructuring of the local bank.”
Imperial Avenue is Shapoorji’s flagship real estate project in the UAE. The 45-floor residential tower is currently 55% complete and is expected to reach completion by the end of next year.
“The transaction is a testament to Dubai’s attractiveness to international investors as well as Houlihan Lokey’s expertise and connectivity in the market. Dubai’s real estate market continues to offer the best relative value across 25 global cities,” said Reddy.
He added that the transaction confirms the positive market sentiment and international capital appetite for Dubai’s real estate market vis-à-vis other markets.