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- Dubai 05:26 06:45 12:11 15:10 17:32 18:50
United Development Company (UDC) has completed the fundraising for the first fully-Shariah compliant closed-ended real estate development fund in Qatar.
The Pearl Qatar Real Estate Development Fund has raised a total of $600 million (Dh2.2 billion) of equity committments and financing, which will be used to invest in a Shariah-compliant manner exclusively in the Qanat Quartier development, a residential and retail development project in Doha. Qanat Quartier is part of The Pearl Qatar.
Commercial Bank of Qatar acted as the fund manager and CBQ, National Bank of Abu Dhabi (NBAD), Qatar Islamic Bank (QIB) and Standard Chartered Bank were the joint mandated lead arrangers for the financing. QIB will act as investment agent for the Shariah-compliant financing.
Qanat Quartier is strategically located on the Pearl, a man-made island 350 metres offshore of Doha. The Pearl has been created by UDC through reclamation of 4.1 million square metres of land in the Arabian Gulf. On this island, a residential community with a total of 5.9 million sqm of built-up area is being developed, consisting of beachfront villas, town homes, luxury apartments, penthouses, luxury hotels, marinas and schools, with related infrastructure and community facilities. It is envisaged the Pearl will eventually house more than 41,000 residents in an upscale, multicultural residential community.
Morgan Stanley and Clifford Chance advised on the structuring of the fund and the debt documentation. Morgan Stanley acted as the exclusive placement agent for the equity fund.
Qanat Quartier is one of the most upscale residential and retail developments on the Pearl and will enjoy a unique position on the island. It is located in the north-western section of the Pearl and comprises approximately 200,000 sqm of reclaimed land, five per cent of the island total land area. The total built-up area of Qanat Quartier amounts to 480,000 sqm, or eight per cent of the Pearl.
Qanat Quartier will be a luxuriously landscaped area edged by sandy bays and the warm Arabian Gulf.
Residents will enjoy a riviera lifestyle in beautiful townhouses with lush private gardens and apartment buildings around landscaped areas and Venetian style piazzas and canals.
It will epitomise old world elegance, luxury and tranquillity within the modern setting of the Pearl. All residential units will be close to the water with direct views over the beach. Luxury shops and boutiques, a hotel and a beach club with marina complete this exclusive quarter.
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