Friday 15 / November / 2024
Muscat: Union Properties, one of UAE’s leading real estate developers, signed Dh290 million project finance facility for the construction of Oia Residence in MotorCity.
Ajman Bank and National Bank of Ras Al-Khaimah (Rakbank) acted as joint lead managers and provided Dh290 million project financing facility. Alpen Capital (ME) Limited acted as the sole financial advisor to Union Properties for the transaction.
With an increasing preference of Dubai residents for community living and a strong demand within MotorCity, Union Properties is developing Oia Residence, a mid-to-upscale gated community which will comprise a low rise residential building that will include 271 residential units including duplex apartments with private gardens, terraces and direct access to the swimming pools. The Oia Residence project is situated adjacent to the existing GEMS Metropole School and Windsor Crescent Villas, to the south of MotorCity Autodrome and within close proximity to retail and food & beverage community facilities.
A signing ceremony was held on June 2, 2016 at the offices of Union Properties. The ceremony was attended by Khalid Bin Kalban, chairman of Union Properties; Ahmad Khalaf Al Marri, General Manager of Union Properties as well as senior representatives from Ajman Bank, Rakbank and Alpen Capital.
“We are pleased to sign this agreement with Ajman Bank and Rakbank to finance the Oia Residence project. This important collaboration will play a significant role in further enhancing the business model of Union Properties and driving the growth of its portfolio. We are grateful to Ajman Bank, Rakbank and Alpen Capital for their support and we look forward to a long and fruitful relationship with them,” said Khalid Bin Kalban, chairman, Union Properties
“We are proud to be associated with this transaction and we are glad to support Union Properties in this business initiative. Their strong track record and reputation helped us to seamlessly execute this deal. Over the years, we have gained extensive debt advisory experience having executed transactions for some of the biggest business conglomerates in the region, and are happy to use this expertise to add value to Union Properties,” said Sanjay Vig, managing director, Alpen Capital (ME) Limited
“Ajman Bank is pleased to contribute towards the financing of Union Properties which enjoys an excellent reputation for constructing high quality Real Estate for the residents of Dubai. On this transaction, Ajman Bank has played a comprehensive role by acting as the Original Islamic Term Bank, Investment Agent for the Islamic Facility, Security Agent, Account Bank and Global Agent,” said Mohamed Amiri, CEO, Ajman Bank
“This transaction marks a significant milestone in Rakbank’s strategy of returning to the Corporate Real Estate market. We are very delighted to work with Union Properties who has an excellent track record in this area and we trust this will be the beginning of a long and successful partnership between the two institutions,” says Peter England, Chief Executive Officer, Rakbank
Established in 1987, Union Properties, is one of UAE’s leading real estate developers. The company is acknowledged for delivering superior and comprehensive range of developments with a project portfolio of some of the most unique landmark commercial, residential and leisure developments within the country.
The company, through its various subsidiaries and joint ventures, offers a comprehensive range of services within the real estate sector including properties investment and development, project management, interior design and fit-out, property management, facilities management and MEP Contracting. The Company was floated as a public limited company, on the Dubai Financial Market (DFM) in 1993. The market capitalisation of the company is approximately Dh2.8 billion.
Alpen Capital is a regional boutique investment banking advisory firm providing advisory solutions in the areas of mergers and acquisitions, debt, equity and capital markets. It has offices in UAE, Qatar, Oman and India. Alpen Capital has executed various complex transactions and worked with some of the largest business conglomerated in the GCC and India. Alpen Capital also provides in-depth research on GCC sectors covering growth trends, challenges and opportunities.
