Waha Land, a wholly-owned company of Waha Capital has signed a AED426 million ($115.9 million) financing package with Emirates Islamic Bank for further development of its Almarkaz light industrial real estate project near Abu Dhabi.
Following the successful leasing of existing facilities, phase 2 will add an additional 187,000 sq m of industrial and logistics facilities and will also include retail and commercial amenities, the company said in a statement.
The new phase will be constructed in 2 packages, with the first buildings becoming available for occupancy in June 2017.
Delivery of the entire 92,500 sq m package along with retail and commercial amenities is expected by the fourth quarter of 2017, the statement said.
It added that Ali & Sons Contracting has been appointed to deliver the initial 92,500 sq m package.
The project is located 25km south of the city of Abu Dhabi.
"Almarkaz has proven extremely popular because of the quality of the facility, and its excellent location as a hub in transport infrastructure," said Hazem Saeed Al Nowais, CEO of Waha Land.
"This success has enabled the project to achieve attractive financing. Building on the success of Stage 1, we are moving ahead with our planned development, which aims to meet the needs of the Abu Dhabi manufacturing and logistics market in addition to SMEs."For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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