News Column

CBD arranges Dh200m for acquisition of Movenpick Hotel – Jumeirah Beach

July 6, 2014



The deal was originated by CBD's corporate banking team with strong coordination from the Bank Muscat Asset Management team.



Commercial Bank of Dubai, or CBD, announced that it has arranged a financing of Dh200 million on behalf of BMJBR Properties Limited, a company owned by BM GCC Property Income Fund, for the acquisition of Movenpick Hotel at Dubai's Jumeirah Beach Residence.







The deal was originated by CBD's corporate banking team with strong coordination from the Bank Muscat Asset Management team.







The deal marks another success in the bank's growing list of banking relationships, and further establishes itself in the corporate banking segment in the UAE and across the region. It also highlights the bank's commitment to servicing Dubai's key engines of growth.







Peter Baltussen, chief executive officer of CBD, congratulated BM GCC Property Income Fund with its first important acquisition in Dubai and expressed optimism that the UAE will be able to offer further attractive investment opportunities to the fund.







"The UAE economy has been growing robustly with trade and tourism as the main engines of growth. This has made the UAE an attractive destination for regional and international investments. The acquisition of Movenpick Hotel JBR Dubai illustrates the investors' confidence in the UAE's economy in general," Baltussen said.







Bank Muscat Asset Management launched the BM GCC Property Income Fund to harness the opportunities in the GCC property market. The fund invests in income yielding properties in the GCC region that generate a stable annual yield of seven to eight per cent.







Sulaiman bin Mohamed Al Yahyai, chairman of BMJBR Properties Limited, said: "We are happy to have selected Commercial Bank of Dubai who were very supportive and efficient in arranging this acquisition finance for us."
















For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Khaleej Times (United Arab Emirates)


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters