Cash will strengthen liquidity and support continued growth in key markets
Kuwait - National Real Estate Company (NREC), a leading real estate developer and investor with $2bn of assets in the Middle East and North Africa, has signed a $USD101.5million (KD 31 million) five year convertible loan with Agility Investment Holding Limited, a subsidiary of Agility. The loan facility has the option of converting into NREC shares prior to the maturity date.
The cash inflow will be used to strengthen NREC’s liquidity and underpin the company’s strategy of investing in its core markets. This includes supporting the completion of existing projects that are in early stages of delivery, and exploring new growth opportunities at a time when capital values are becoming more attractive.
NREC has a portfolio of iconic real estate developments across the Middle East and North Africa. The company is currently developing Reem Mall - a landmark US$1 billion retail and leisure destination in Abu Dhabi; and Grand Heights - a luxury residential development of 3.8 million square meters in Egypt.
The new loan facility will allow the company to finance projects and will benefit NREC shareholders as the company delivers on its commitments and assesses new growth opportunities.
Commenting on the loan facility Sam Sidiqi, NREC’s Group CEO said: “This initiative builds on the NREC’s consistent and positive financial results during the last four years, and allows us to invest in a new chapter of growth.”
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About the National Real Estate Company (NREC):
Established in Kuwait in 1973, National Real Estate Company (NREC) is a publically listed real estate and investment company with a strong presence in the Middle East and North Africa (MENA).
Headquartered in Kuwait, NREC has subsidiaries and developments across the MENA region, including the UAE, Egypt, Jordan, Iraq, Lebanon, and Libya. NREC’s portfolio of projects (completed or under development) includes offices, mixed use centers, industrial parks, residential communities and super-regional malls. In addition to a strong track record in property development, NREC brings experience and required knowledge in property management of commercial complexes and shopping centers.
For more information please contact:
Jonathan Smith
ASDA’A Burson-Marsteller
Jonathan.smith@bm.com
+971 56 7398 542
© Press Release 2017
