Hypo Real Estate Bank International AG, a member of Hypo Real Estate Group, has provided its first financing facility in Dubai, a $82.5 million Sharia compliant facility for Pramerica Real Estate Investors, Kleindienst & Partner and Al Amiri Group, for the purchase of the European Business Center. The transaction completed on 9 July 2007.
The European Business Centre in Dubai.
The European Business Center is located in the Dubai Investment Park, a development targeted at European businesses looking to set up an office in Dubai and is ready for immediate occupation by tenants. The center is a multi-let 4-story building currently under construction with completion estimated at the end of 2007. After completion the building will comprise a total of approximately 25,000 m² of rentable area including approximately 18,000 m² of office space and 7,000 m² of retail/service space with over 500 underground parking spaces.
Commenting, Harin Thaker, Member of the Board of Hypo Real Estate Bank International and responsible for Europe, the Middle East and India, said, "Pramerica is a key client for us on a global basis and we are delighted to be able to use our expertise to provide a Sharia compliant facility for them and the developer in a new market for us. This transaction continues our geographical expansion and once again we provided the facility efficiently and quickly."
Source: Hypo Real Estate