Abu Dhabi’s Reem Mall achieves financial close

The consortium behind the mall signs $457mln credit facility

Abu Dhabi - Agility and its affiliate United Projects for Aviation Services Company (UPAC), and National Real Estate Company (NREC), the consortium behind Abu Dhabi’s Reem Mall, has achieved $1.2 billion financial close for the project.

The companies also signed an agreement for a $457 million senior credit facility provided by regional and international banks including Abu Dhabi Commercial Bank, Gulf Bank Kuwait, Noor Bank, and Standard Chartered Bank.

Reem Mall, located on Abu Dhabi’s Reem Island, will offer 2 million square feet of leasable area comprising 450 stores housing local and international brands, including 85 food and beverage outlets, among other things.

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