Bank consortium lends ‘Venus Towers’
Al Mawarid and four other local banks extend $28 million loan to Venus Real Estate Development
Al Mawarid Bank has announced that it has signed, with a group of local banks, a $28 million syndicated loan agreement to fund a real estate transaction for Venus Real Estate.
Al Mawarid is the lead mandated bank who arranged the agreement. The loan is funded from three other banks, Jammal Trust Bank (JTB), Lebanese Swiss Bank (LSB), Fenicia Bank, and First National Bank (FNB).
The loan will be used for the Venus Towers project, which Venus Real Estate Development Co. launched in 2009. The $500 million-project, located in the Beirut Central District, will be completed by the end of 2014. The company’s Chairman and majority shareholder is Ghanem Chammaa. Other shareholders include Walid Ghaith, the Jubaili Bros Company, Said Tahhan, as well as the Zaatari family.
The Chairman of Al Mawarid Bank, Minister of State Marwan Kheireddine, said that the agreement “encourages all active stakeholders to plan and execute more key initiatives in the near future."
Date Posted: Oct 28, 2011