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TFI's flagship US realty project to get USD390m Shariah financing

Published: 11/06/2013 04:26:41 PM GMT
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The mixed-use project is believed to be one of the largest downtown developments currently underway in the US. The JP Morgan-led syndicate (more)

The mixed-use project is believed to be one of the largest downtown developments currently underway in the US.

The JP Morgan-led syndicate will provide $390mn in Shariah-compliant real estate construction financing for the project. The financing is among the largest such financing completed in the US.

TFI , the investment banking arm of Barwa Bank, was instrumental in structuring the transaction together with the TFI US Real Estate Fund's (Fund) CityCenterDC development partner Hines.

CCDC is the flagship investment of the Fund, which was launched by TFI in 2010-11. In addition to managing the Fund, TFI is co-investing alongside the fund's anchor investor Qatari Diar, the real estate investment arm of the Qatar Investment Authority (QIA). The Fund is advised by Tanween , a leading Qatari company specialising in real estate development and project management.

Khaled al-Sayed, Group CEO of Qatari Diar Real Estate Company said, "As anchor investor in the fund, we are delighted with the progress at the CityCenterDC project. The ambition, scale and profile of this development are commensurate with its status as Qatar's first major real estate investment in the US. Progress on all key fronts is testament to the proven, world-class financial investment and development management capabilities of TFI , Tanween , and Hines.

"I am confident they will deliver not only a successful real estate investment project but one which will make an enduring, positive impact on the living and working environment to the citizens of Washington, DC. CityCenterDC represents the quality of Qatar's investment portfolio as it continues to expand its investment footprint around the world."

Khalid al-Subeai, TFI 's chief executive officer, said, "As it's Qatar's first major real estate investment in the US, I am very pleased to note project construction remains on schedule with many high profile office and retail tenants coming onboard. Optimising our capital structure further adds value to our investors whose vision has made this great project a reality. The attractive financing terms offered by the JP Morgan-led syndicate are a further validation of the project's profile and strong commercial merits."

CCDC is a unique, pedestrian-friendly, 8-acre mixed-use development, located in the heart of downtown Washington on a 4.5-block parcel bounded by New York Avenue, 9th, H and 11th Streets, NW. Master-planned by architects Foster + Partners, it features the internationally respected real estate company Hines as master developer.

CCDC will contain more than 185,000sq ft of retail space situated at the base of seven buildings that encompasses 525,000sq ft of office space, some 458 rental apartment units, 216 luxury condominium units, a public park, a central plaza and pedestrian-oriented streets and alleyways.

Construction for the project commenced in March 2011 and it will be accepting initial residential occupants from the fourth quarter of 2013 onwards. The project has also secured a prestigious law firm as an 80% anchor tenant for its office space.

© Gulf Times 2013

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