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Commercial Bank of Dubai (CBD) has arranged a financing of Dh200 million for the acquisition of Movenpick Hotel in Jumeirah Beach Residence (JBR).
The deal was originated by CBD's corporate banking team on behalf of BM-JBR Properties, a company owned by BM GCC Property Income Fund, and in coordination with fund manager Bank Muscat Asset Management Team.
BM GCC Property Income Fund said Movenpick JBR was its first important acquisition in Dubai.
''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,'' said Peter Baltussen, CEO of CBD. ''The acquisition of Movenpick Hotel JBR illustrates the investor's confidence in the UAE's economy in general and in the sectors with high prospects of growth in particular.''
BM GCC Property Income Fund said it focuses on income-yielding properties that generate a stable annual yield of 7-8 per cent.
''We are committed to working with reputable banks who are able to deliver tailor made solutions for us,'' said Sulaiman Bin Mohamed Al Yahyai, Chairman of BMJBR Properties. ''We are happy to have selected CBD, which was very supportive and efficient in arranging this acquisition finance for us.''
Source: Property Weekly