Dubai Technology and Media Free Zone (Tecom) Group, the government-controlled business park operator, is looking to raise up to AED1bn ($272m) through a possible syndicated loan facility.

Tecom, a unit of Dubai Holding, is looking to finance building projects through the loan with a life span of 10 years, news agency Reuters quoted two banking sources as saying.

The company, which closed a syndicated loan of up to AED4bn in March last year, has yet to decide the structure of deal or how many buildings it will finance.

Dubai’s real estate market, which was among the fastest-growing in the world until mid-2014, has softened as a slide in oil prices and slowing economy has dented investor sentiment.