- Qatari Ezdan Holding Group closes $500m heavily oversubscribed Islamic financing deal
- Nine regional banks participated in the syndication
Qatars Ezdan Holding Group has closed a $500m syndicated Islamic financing deal with nine regional banks.
The five-year senior secured facility was 2.5 times oversubscribed.
The sole book runner was Mashreq al-Islami, the sharia-compliant arm of Dubais Mashreq Bank.
Mashreq was also mandated lead arranger along with Abu Dhabi Islamic Bank, Kuwaits Ahli United Bank, Dubais Emirates NBD, Bahrains Gulf International Bank, London-based HSBC. Sharjah Islamic Bank, and Kuwaits Warba Bank were lead arrangers and local Qatar International Islamic Bank is the asset custodian.
The debt will finance Ezdans expansion and development plans in its core market, Qatar.
It is currently working on the 210-room Ezdan Palace Hotel, to be completed in early 2016.
Ezdan Real Estate has carried out $940m of real estate projects in Qatar including malls and towers, according to MEED Projects. The Group also has insurance and healthcare arms.
It recorded a profit of QR1.36bn ($373m) in 2014, on total revenue of QR2.24bn. 61 per cent of the revenue was rental income.