Abu Dhabi – Mubasher: Aldar Properties has closed an AED 9 billion ($2.45 billion) sustainability-linked syndicated senior unsecured committed multi-tranche revolving credit facility (RCF).
The facility marks the largest sustainability-linked, syndicated deal by a real estate company in the Middle East, according to a press release.
The transaction follows Aldar’s inaugural AED 3.67 billion ($1 billion) hybrid notes issuance completed earlier this month.
With a five-year tenor and incorporating both conventional and Islamic tranches across AED and USD currencies, the facility supports Aldar’s operational and financial flexibility. It provides additional financial firepower to support its growth objectives.
Faisal Falaknaz, Group Chief Financial and Sustainability Officer at Aldar, said: “This syndicated facility is a significant milestone that underscores Aldar’s financial strength and our ability to attract funding from a wide range of high-quality institutional sources.”
“It reflects the trust and confidence that global and regional banks place in our business model and trajectory of accelerated growth,” Falaknaz added.
The syndication attracted orders from 15 key international and regional financial institutions, including a number of new financiers to Aldar’s credit panel.
Participating banks include Abu Dhabi Commercial Bank (ADCB), Ajman Bank, Bank of China, Citi, Dubai Islamic Bank (DIB), Emirates Islamic Bank (EIB), Emirates NBD Bank, First Abu Dhabi Bank (FAB), HSBC, Intesa Sanpaolo, J.P. Morgan, Mashreq, National Bank of Kuwait, the National Bank of Ras Al Khaimah (RAKBANK), and Sharjah Islamic Bank.
The facility boosts Aldar’s liquidity position, with available liquidity of AED 26.90 billion, pro forma for this syndication, as of 30 September 2024.
