Bay Gate Investment (BGI) has raised Dh470 million ($128 million) through a term loan to complete the financing of Bay Gate Tower acquisition in Dubai.

The funds were raised by Jasper Capital, which structured a transaction with the National Bank of Abu Dhabi (NBAD), which provided the term loan facility and acted as the arranger, lender, agent and security agent for the deal, the company said in a statement.

Located on Sheikh Zayed Road at the entrance to Dubai’s Business Bay development, Bay Gate Tower is well placed at the heart of what is set to become the prime business and commercial district of the Emirate.

Bay Gate Tower is a high-end office building comprising of 39 levels ranging between 10,500 sq ft and 13,000 sq ft per floor, two executive floors and 10 levels of parking, which include three floors at the basement and ground levels.

The term loan facility was raised to finance the acquisition of 30 floors, 360 parking spaces and the proportional land area, of this 39-floor commercial office tower.
 
Commenting on the announcement, Shahin Mansuri, director of Jasper Capital, said: “We are delighted to see the conclusion of this transaction and the successful raising of the funds required by Bay Gate Investment. The scope of this mandate and the quality of the parties involved in the transaction serve to underscore the value and relationships that Jasper brings to bear in supporting clients that wish to further grow and fund their activities in Dubai and indeed across the region.

“The UAE and Gulf nations as a whole today provide a wealth of business and investment opportunities. Jasper is focused on enabling corporations, financial institutions and governments to effectively capitalise on these opportunities and unprecedented levels of growth through the provision of sophisticated and high quality corporate finance and advisory services.”

Christoph Hanslik, CEO of Bay Gate Investments said: 'We are extremely pleased about the professional cooperation with Jasper Capital. The group has a strong track record and a long experience in corporate finance and at the highest level in a number of major regional projects.'

Currently, Jasper is mandated exclusively to raise in excess of Dh6 billion in various industry sectors including oil & gas, real estate, transport & logistics and the metal sectors through various products including debt and equity raising, structured finance and mergers & acquisitions.—TradeArabia News Service