Mubadala and Gulf Related refinance US$67.4 million The Galleria debt with National Bank of Abu Dhabi - Business Intelligence Middle East - bi-me.com - News, analysis, reports:
"Mubadala Real Estate & Infrastructure (‘MREI’), a business unit of Mubadala Development Company PJSC, and Gulf Related, a regional real estate development company focused on high-end retail, residential and mixed-use real estate developments in the Middle East, today announced that they have successfully refinanced the debt of their signature joint project, The Galleria on Al Maryah Island, with the National Bank of Abu Dhabi (NBAD).
The AED 248 million (USD 67.4 million) refinancing facility will help The Galleria to further strengthen its capital structure, reduce its borrowing cost and generate over 50% in annual interest expense savings.
The loan refinancing was signed following the successful opening and full leasing of The Galleria mall in August of this year."
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