Waha Land has signed a AED 426mn ($116mn) financing package with Emirates Islamic Bank for further development of its industrial real estate project Al Markaz in Abu Dhabi following the successful leasing of existing facilities.
The project’s phase 2 will add an additional 187,000 m2 of premium industrial and logistics facilities in addition to retail and commercial amenities, parent company Waha Capital said in a statement.
“The new phase will be constructed in 2 packages, with the first buildings of the initial 92,500 m2 package available for occupancy in June 2017,” the statement said.
The first package along with retail and commercial amenities is expected to be handed over by the fourth quarter of 2017, while the remainder of phase 2 is expected to follow the delivery of the initial package.
Ali and Sons Contracting Company was appointed to deliver the first package.