Published: November 19, 2012
QInvest and Mazaya Qatar Real Estate Development Company have come together over a significant residential building project.
Mazaya Qatar Real Estate Development Company has secured a US$106.7mn, 8-year Islamic syndicated loan facility. The dual-currency package will be used to finance the development of the Sidra Village Residential Complex, which will accommodate employees of the Sidra Medical and Research Center. The development will consist of 1,165 residential units, green spaces and a community club.
QInvest acted as financial advisor and sole bookrunner on the deal, with Qatar Islamic Bank, Arab Banking Corporation, National Bank of Abu Dhabi and First Gulf of Bank taking mandated lead arranger roles. Ahli United Bank also participated as a lead arranger.
QInvest has for several months been in talks with Egypt’s EFG Hermes, the country’s largest investment bank, over the creation of a jointly owned investment bank. The Qatari partner would hold 60% of the new entity and put forward US$250mn in cash.