News Column

Al Hamra secures $230 million financing

July 1, 2014



Benoy Kurien, general manager of Al Hamra Real Estate Development, said: "We are delighted with how our relationship with Goldman Sachs has developed.



Al Hamra Real Estate Development has penned a seven year deal worth Dh850 million ($230 million) with a syndicate of international and local lenders led by global investment banking firm Goldman Sachs.







The facility will be used to refinance existing debt and to finance planned new real estate development projects. Goldman Sachs was appointed mandated lead arranger and sole bookrunner, with Abu Dhabi Commercial Bank, Al Khalij Commercial Bank, Al Khaliji France, Arab Bank, Commercial Bank of Dubai, National Bank of Abu Dhabi, and Union National Bank as mandated lead arrangers of the finance package. The deal was significantly oversubscribed.







Benoy Kurien, general manager of Al Hamra Real Estate Development, said: "We are delighted with how our relationship with Goldman Sachs has developed. Their ability to bring strategic partners to the table has been one of the highlights of this relationship, and we are delighted to now be in a position to move forward." Behzad Khan, head of finance at Al Hamra Real Estate Development, said: "The financing facility not only provides funding for the growth and the expansion of our developments, it also reinforces the company's solid financial stature. We can now look forward to being able to add to our existing offering of luxury real estate."







Wassim Younan, Middle East and North Africa chief executive officer at Goldman Sachs, said: "Goldman Sachs is pleased to have worked with Al Hamra Real Estate Development, the premier real estate developer in the northern emirates. We look forward to working on future transactions for Al Hamra and the emirate of Ras Al Khaimah."








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Source: Khaleej Times (United Arab Emirates)