Kuwait-listed Mabanee Company and National Industries Group Holding announced that they have signed an amendment and upsizing of existing financing facility agreement with a local bank for the Aventura project in Jaber Al-Ahmad City as the mixed-use project moves towards completion this year.

Mabanee leads the consortium developing the project under a public-private partnership (PPP) model with National Industries Group (through its subsidiaries Noor Financial Investment Company and Durra National Real Estate Company) and the state-owned Privatisation Holding Company as the other consortium members.

The additional financing of 31.4 million Kuwaiti dinars ($102 million) raises the project's total debt to KWD131.6 million ($427.51 million), the two companies disclosed in separate stock exchange statements.

The revised facility has a door-to-door tenor of 15 years and 8 months (194 months).

National Industries Group said it has provided a joint guarantee in favour of its subsidiaries of up to 50 percent of the total secured debt, with a maximum cap of KWD 78.96 million ($256.51 million). It said the additional financing is part of the consortium's strategy to complete the development works of the commercial complex and residential units.

Aventura completion in 2026

In its recent 2025 Annual Report, Mabanee said Aventura Residences is expected to be completed in the first quarter of 2026, while Aventura Mall is expected to be completed in the third quarter of 2026.

Mabanee holds a 35 percent stake in the project's special purpose vehicle 'J3 for Management and Development of Lands and Real Estate’  with National Industries Group and Privatisation Holding Company (PHC) owning 32.5 percent each.

In July 2020, the consortium had signed a 25-year concession agreement (with an additional five-year construction period) with the Public Authority for Housing Welfare (PAHW) to design, build, finance, operate, maintain, and transfer (DBFOMT) Aventura at a total investment of KWD 156.3 million ($508 million). 

Retail and residential mix

The Aventura project includes retail and residential elements, according to Mabanee's website. Aventura Residences has built-up area (BUA) of 65,510 square metres (sqm) with rental area of 50,000 sqm. It has 21 buildings for rent, and offers 276 residential units, comprising 204 apartments and 72 townhouses.

Aventura Mall has a BUA of 295,000 sqm and Gross Leasable Area (GLA) of 108,200 sqm with 445 units. The project is targeting LEED Gold certification.

(Writing by SA Kader; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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