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Dubai-based property developer Emaar Properties has signed a US$500mn deal with a consortium of banks to fund development of its Emaar Square project in Istanbul
The new financing facility, struck with a consortium including Standard Chartered, Emirates NBD and HSBC, will be repaid in seven years, Emaar said in a statement.
The mixed-use development - Emaar's second project in Turkey - will contain the biggest shopping mall in Turkey, a 180-room five-star hotel, offices, leisure space and more than 1,000 luxury homes.
Chairman of Emaar Properties Mohamed Alabbar said, “Having recorded strong financial performance this year, Emaar is focused on the on-schedule completion of our master-planned projects in key emerging markets and in Dubai.
"The new financing facility highlights Emaar’s ability to raise long-term finance and reiterates the strong market confidence in our development competencies and our ability to successfully deliver projects.”