Abu Dhabi’s Private Department of Sheikh Mohamed Bin Khalid Al Nahyan closed a landmark AED 3 bn syndicated real estate financing, one of the largest such transactions in the UAE property market, according to a press release. The financing is secured by a portfolio of prime real estate assets across Abu Dhabi and Dubai, and is designed to provide the real estate player with greater balance sheet flexibility and long-term liquidity.

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Use of proceeds: The 10-year facility will be used to refinance existing bank debt on improved terms, settle sukuk obligations, as well as for general corporate purposes.

ADVISORS- Our friends at Mashreq and Abu Dhabi Commercial Bank (ADCB) acted as joint coordinators and account banks. ADCB, Commercial Bank of Dubai (CBD) and Mashreq were jointly mandated lead arrangers and bookrunners, as well as hedging banks. ADCB also acted as facility and security agent, while CBD took the role of market hedge coordinator.

The ruling family-owned department was established in 1964 and manages one of the largest recurring income real estate portfolios in the emirate. Its holdings include more than 2.5k residential units, 60k sqm of commercial space, and two five-star hotels in Abu Dhabi and Dubai.

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