Bawabat Al Shamal Real Estate Company WLL (BASREC) has signed a QAR 3.7 billion (US$1.02 billion) 10 year syndicated facility to finance the development of the Doha Festival City project.
QInvest acted as Financial Advisor to BASREC and Sole Bookrunner for the facility. Commercial Bank of Qatar (CBQ) and Barwa Bank took the Mandate Lead Arranger (MLA) roles with CBQ who was the original lender also acting as the Lead and Documentation Bank on the conventional tranche as well as the conventional Facility Agent. Barwa Bank was the Lead and Agent Bank on the Islamic tranche, also taking the role of Islamic Documentation Bank.
The MLAs were joined in the facility at Lead Arranger level, across the two tranches, by Ahli Bank, Doha Bank, International Bank of Qatar, Al Khalij Commercial Bank (al khaliji) , Qatar International Islamic Bank and Qatar National Bank.
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