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Emirates REIT secures Dh400m facility from ADCB

It is the single largest credit facility the property investment firm has entered into

Gulf News

Dubai: The Emirates REIT has entered a Dh400 million Islamic finance facility with Abu Dhabi Commercial Bank, making it the largest single credit facility obtained by it to date. It comes at a time when Emirates REIT is fitting out its largest asset, the Index Tower, and is funding projects such as the Jebel Ali School. The facility’s profit rate is set at three-month Eibor plus 2.5 per year without the requirement to repay the loan principal for the first four years, followed by bullet repayments at the end of year four (15 per cent) and year five (85 per cent). Emirates REIT has drawn down AED 200 million with the remaining AED 200 million available over a period of 15 months.

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