Hypo Real Estate Bank International, a member of Hypo Real Estate Group, announced on Tuesday that it has provided its first financing facility in Dubai, a $ 82.5 mln Sharia-compliant credit line for Pramerica Real Estate Investors, Kleindienst & Partner and Al Amiri Group, for the purchase of the European Business Center. The transaction was completed on 9 July 2007.
Hypo Real Estate Bank International, a member of Hypo Real Estate Group, announced on Tuesday that it has provided its first financing facility in Dubai, a $ 82.5 mln Sharia-compliant credit line for Pramerica Real Estate Investors, Kleindienst & Partner and Al Amiri Group, for the purchase of the European Business Center. The transaction was completed on 9 July 2007.
The European Business Center is located in the Dubai Investment Park, a development targeted at European businesses looking to set up an office in Dubai and is ready for immediate occupation by tenants. The centre is a multi-let, four-storey building currently under construction with completion due at the end of 2007. Upon completion the building will comprise a total of approximately 25,000 m2 rentable area including about 18,000 m2 office space and 7,000 m2 of retail/service space with over 500 underground parking spaces.
'Pramerica is a key client for us on a global basis and we are delighted to be able to use our expertise to provide a Sharia-compliant facility for them and the developer in a new market for us. This transaction continues our geographical expansion', said Harin Thaker, Member of the Board of Hypo Real Estate Bank International and responsible for Europe, the Middle East and India.
