Commercial Bank of Dubai announced that it has arranged a financing of AED 200 million on behalf of BMJBR Properties Limited, a company owned by BM GCC Property Income Fund for the acquisition of Mövenpick Hotel at Dubai’s Jumeirah Beach Residence. The deal was originated by CBD – Corporate Banking Team with strong coordination with Bank Muscat Asset Management Team.
The deal marks another success in the Bank’s growing list of banking relationships, and further establishes itself in the corporate banking segment in the UAE and across the region. It also highlights the Bank’s commitment to servicing Dubai’s key engines of growth.
Mr. Peter Baltussen, CEO of CBD, congratulated BM GCC Property Income Fund with its first important acquisition in Dubai and expressed optimism that the U.A.E. will be able to offer further attractive investment opportunities to the fund.
“The UAE economy has been growing robustly with trade and tourism as the main engines of growth. This has made the UAE an attractive destination for regional and international investments. The acquisition of Mövenpick Hotel JBR Dubai illustrates the investors’ confidence in the UAE’s economy in general, and in the sectors with high prospects of growth in particular,” Baltussen said.
Bank Muscat Asset Management launched the BM GCC Property Income Fund to harness the opportunities in the GCC property market. The fund invests in income yielding properties in the GCC region that generate a stable annual yield of 7 to 8 per cent.
Mr. Sulaiman bin Mohamed Al Yahyai, Chairman of BMJBR Properties Limited, said: “We are committed to working with reputable banks who are able to deliver tailor-made solutions for us. We are happy to have selected Commercial Bank of Dubai who were very supportive and efficient in arranging this acquisition finance for us.”
A reception was arranged on 24 June 2014 in Movenpick Hotel – Jumeirah Beach attended by Mr. Peter Baltussen – CEO of CBD, Mr. Sulaiman bin Mohammed Al Yahyai, Chairman of BMJBR Properties Limited, along with senior executives of both the organizations.
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