Mubadala Real Estate & Infrastructure (MREI), a business unit of Abu Dhabi-based Mubadala Development Company, and Gulf Related, a regional real estate development company focused on high-end retail, residential and mixed-use real estate developments in the Middle East, has refinanced the debt of their signature joint project, The Galleria on Al Maryah Island, with the National Bank of Abu Dhabi (NBAD).
The $67.4 million refinancing facility will help The Galleria to further strengthen its capital structure, reduce its borrowing cost and generate over 50% in annual interest expense savings. The loan refinancing was signed following the successful opening and full leasing of The Galleria mall in August of this year.
The debt facility, which represents 60% of the total project cost of The Galleria over an eight-year term, was finalised today at a signing ceremony between Mubadala, Gulf Related and NBAD. Given its attractive terms and strong endorsement of the project, NBAD was the partner of choice to lead this refinancing.
“Our successful opening and full leasing of the project has made it possible for our joint-venture with Gulf Related to refinance the project’s existing debt at attractive terms. This is the second partnership with NBAD on Al Maryah Island and we look forward to growing our partnership with them,” says Ali Eid AlMheiri, executive director of MREI.
“The recent opening of The Galleria and strong traction to date, as evidenced by the 100% leasing rate achieved, is a strong testimony to the strength and strong cash flow of the project. Mubadala and Gulf Related had specific refinancing and structuring needs and we are pleased to have met their demands with this innovative financing structure,” says Alex Thursby, group CEO, NBAD.
“This innovative refinancing facility is an important part of our continued financial and operational enhancement of our Galleria investment and will allow us to optimise the capital structure of the project, reduce borrowing cost and enhance shareholder value,” adds Dr Karim El Solh, CEO of Gulf Capital and co-managing partner of Gulf Related.
Watsons to open 20 new stores in the GCC
In 2020, global health & beauty retailer AS Watson Group signed its
April 29, 2024 | By Rupkatha BInternet for Brick-n-Mortar Stores | Panel Discussion ICS MENA 2023
Traversing The Metaverse World | Keynote address ICS MENA 2023
/ 
The Ministry of Industry and Advanced Technology (MoIAT) in cooperation with Lulu
What does it take to sustain profitable growth in the post-IPO phase?
Mahalle began its operations in 2022 as an “Authentic Turkish Grocery in
“Retail is a people’s business. When building a retail brand or the
From being one of the first retailers in Dubai to ban single-use
For starters, Rabbit is a growing e-commerce grocery platform in Egypt always
In 2024 grocery retail major Choithrams has achieved several milestones underscoring its
Industry pioneers are embracing a comprehensive strategy that integrates consumer insights, digital
The regional grocery retail market is evolving fast keeping pace with constantly
From ethical and local sourcing to adopting cutting-edge technologies to curb food
/ 
In an era where digital transformation is pivotal, shopping malls are not
This panel discussion at MRF 2024 explored the evolution of retail spaces,
An exclusive piece contributed By Oliver Morgan, Partner, Real Estate Development &
In the bustling retail environments, where shopping malls are not just places
In today’s fast-paced retail environment, shopping malls are continually searching for innovative
Times Square Center, located in the vibrant heart of Dubai, stands as
Emaar Properties has announced a mega expansion of Dubai Mall, which will
Empowering women, transforming communities: The rise of female-led businesses in Times Square Center
In its central Dubai location, Times Square Center stands not just as
Dalma Mall is once again set to offer an unforgettable experience to
Previous Article
