Dubai’s Emaar Properties has signed a Dhs1.8 billion ($500 million) financing deal to help develop a real estate project in Turkey, the company announced on Wednesday.
The facility, which will be repaid in seven years, was signed with a consortium of banks including Standard Chartered, Emirates NBD and HSBC.
The development, called Emaar Square, will house residential and commercial properties as well as a new mall, which will be the largest in the country.
Mohamed Alabbar, chairman of Emaar, said: “Having recorded strong financial performance this year, Emaar is focused on the on-schedule completion of our master-planned projects in key emerging markets and in Dubai.
“The new financing facility highlights Emaar’s ability to raise long-term finance and reiterates the strong market confidence in our development competencies and our ability to successfully deliver projects.”
Emaar Square will span 73,000 metres comprising of over 1,000 luxury homes, a 180-bedroom five-star hotel, leisure facilities and the largest shopping mall in Turkey.
“Turkey is one of our key markets, where we have successfully handed over homes in the first phase of our first integrated community, Tuscan Valley, and we are now developing Emaar Square in Istanbul that will further contribute to the country’s socio-economic growth,” Alabbar added.