Taameer raises US$32mn

Published: June 17, 2010

Syndicated loan to fund real estate projects in Jordan.

Jordan's largest property company has raised the funds needed to complete its multi-million dollar real estate projects.

Taameer secured a two-year US$32mn syndicated project finance loan from a consortium led by Jordan-Kuwait Bank.

The other funders are Jordan National Bank, Jordan Commercial Bank, Arab Bank Housing Bank and Capital Bank.

Jordan’s property sector fell by 25% when the global economic downturn hit, leading to Taameer’s US$85mn syndicated loan arranged by Lebanon's Blom Bank falling through in August 2008 as most regional banks became risk averse.

Taameer, which has about US$500mn in assets, has since been in talks with banks and private equity firms to secure the cash needed to complete several projects, including the US$200mn Andalusia luxury-gated compound.