Emaar Properties has announced that it has agreed a $500m deal with a consortium of banks to fund development of its Emaar Square project in Istanbul.
The mixed-use development – Emaar’s second project in Turkey- will contain the biggest shopping mall in Turkey, a 180-room, five-star hotel, offices, leisure space amd more than 1,000 luxury homes.
The consortium of banks that have agreed to provide the $500m (AED: 1.84bn) in funding include Standard Chartered Bank, Emirates NBD and HSBC. The funding will be repaid in seven years.
Emaar Properties’ chairman Mohamed Alabbar said: “Having recorded strong financial performance this year, Emaar is focused on the on-schedule completion of our master-planned projects in key emerging markets and in Dubai.
via Emaar secures $500m funding for Istanbul project | ConstructionWeekOnline.com.
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