Barclays Bank, Al Ahli Bank of Kuwait (ABK) and GPD Investments signed a $72 million term loan facility for the development of Empire Heights in Business Bay.

The Facility Agreement will provide GPD Investments with a term loan of $72 million for the Grade “A” twin-tower development comprising 32 floors of commercial offices, six levels of car parking and two floors of retail outlets.

ABK will also be acting as the escrow agent for the development.

Commenting on the agreement, Amin Habib, managing director, Global Retail and Commercial Banking, UAE and Gulf States said:

“The transaction confirms Barclays reputation of structuring innovative facility arrangements. Furthermore, with ABK’s input, this matter is fully compliant with the new escrow law recently released by the Lands Department.”

Vikram Pradhan, general manager for ABK, said “We are delighted to be involved with this transaction with Barclays.

“In light of the funding structure, GPD has been able to market this development by offering purchasers staggered payments that will be protected by the escrow account. GPD Investments, a British property development company, which began its Middle East operation in 2002, currently has a project portfolio with a value of over $600 million.”

Barclays Global Retail and Commercial Banking (GRCB) encompasses all of Barclays retail and commercial banking businesses around the world.

Operating in more than 50 countries and employing more than 100,000 people, Barclays GRCB comprises UK Retail Banking, UK Business Banking, Barclaycard, Absa (Barclays Bank owns 57,6 per cent of Absa Group Limited), GRCB Emerging Markets and GRCB Western Europe.

Barclays GRCB serves more than 25 million customers and clients around the globe through a network of more than 3,800 branches and sales centres, and more than 12,000 ATMs.

Barclays Commercial Banking offers a wide spectrum of customised solutions to meet the needs of its customers. TradeArabia News Service