Dubai property firm Emaar Properties has raised a AED3.6bn ($1bn) loan secured against the Dubai Mall as part of its efforts to refinance debts and push out maturities.
Around half of the facility will be repaid after five years, with the rest being repaid over eight years. The loan is priced at 350 basis point above the benchmark rate. The local Dubai Islamic Bank and National Bank of Abu Dhabi, and the UK’s Standard Chartered acted as mandated lead arrangers on the deal.
Earlier this year, Emaar raised $500m though a bond sale as part of its strategy to refinance short-term debt maturities with longer-dated debt.