Deals
Emaar Obtains $500 Million Financing Facility for Turkey Project
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Emaar Properties PJSC, the developer of the world’s tallest tower in Dubai, obtained a $500 million loan from a group of banks to develop a mixed-use project in Turkey, its second such venture in the country.
Standard Chartered Plc, HSBC Holdings Plc and Emirates NBD Capital Ltd. are among lenders that will provide the seven-year loan, Dubai-based Emaar said in an e-mailed statement today. The money will be used to develop Emaar Square in Istanbul, which will include what would be Turkey’s largest shopping mall, luxury homes, a five-star hotel and offices, it said.