Emaar obtains USD 500mn loan for Turkey project.

By bne IntelliNews December 20, 2012
Mohamed Alabbar, chairman of Dubai-based real estate developer Emaar Properties Psjc, announced in a written statement that the company obtained a 7-year loan worth USD 500mn in order to finance its second mixed-use project in Istanbul, namely Emaar Square, from a consortium of international lenders, including Emirates NBD, HSBC and Standard Chartered. Emaar Square will be Emaar Properties second mixed-use project in Istanbul and it will include the largest shopping mall in Turkey, according to Alabbar. Please note that daily Sabah reported in July that Emaar purchased a land located in the Camlica district of Istanbul for USD 430mn on which it would build 1,000 houses and a shopping centre, and it targeted to complete the mixed-use development in 2015.

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