Abu Dhabi-based developer Tamouh Investments has announced the completion of a AED600 million ($163.3 million) financing to fund the final phase of the construction of Horizon Towers in City of Lights, Reem Island.
The seven year project financing was provided by Abu Dhabi Islamic Bank (ADIB) and Abu Dhabi Commercial Bank (ADCB), a statement said.
Macquarie Capital Middle East acted as a sole financial adviser to Tamouh on the financing, it added.
Horizon Towers is located in City of Lights, a 144-acre mixed-use development estimated to have more than 27,000 residents.
Comprising two buildings, the project features residential units ranging from 1 to 3 bedroom apartments with a shared podium set to house signature residential units, as well as a variety of retail outlets, a large outdoor pool, and gym.
The project was launched in April 2015 during Cityscape Abu Dhabi and is expected to be completed by the end of March 2017.
Wissam Moukahal, executive chairman at Macquarie Capital Middle East, said: “We are delighted to support Tamouh in what represents a key milestone in the development of City of Lights.
“We believe the facility represents a competitive financing solution to meet the project’s liquidity requirements and clearly demonstrates that bank appetite remains strong for well-structured deals with credit-worthy counterparties such as Tamouh.”
Tamouh’s current offerings within Reem Island include Marina Square, which was completed in 2011, as well as Paragon Bay Mall and City of Lights, both currently under construction.
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