Al Hamra upsizes loan

Al Hamra upsizes loan

Published: January 19, 2015

Ras al-Khaimah-based property firm borrows AED1.2bn after high investor interest.

Al Hamra Real Estate Development, based in the emirate of Ras al-Khaimah, has upsized its syndicated loan from AED850mn to AED1.2bn (US$326mn) in the wake of higher-than-expected investor interest.

Like the original loan deal, signed in June 2014, Goldman Sachs acted as mandated lead arranger and sole bookrunner, with Abu Dhabi Commercial Bank, Commercial Bank of Dubai and Union National Bank also contributing funds. The funds will go towards new construction projects, as well as general corporate purposes.

Al Hamra Real Estate Development’s flagship development is Al Hamra Village, a 77mn-square-foot luxury development featuring 3,500 residential properties and five hotels, including the Waldorf Astoria.