Hypo Real Estate invests £82m in Dubai deal

Hypo Real Estate Bank has made its first Dubai deal by financing an Islamic Real Estate fund with an £82.5m loan. The Sharia compliant facility will finance Pramerica, the fund management arm of Prudential, in its purchase of the European Business Center, which is located in the Dubai Investment Park. The mixed-use development comprises a multi let 4-storey building, 18,000 sq m offices and over 5000 underground parking spaces. Completion is estimated for the end of 2007. Harin Thaker, Board Member for Hypo Real Estate Bank, said: “This transaction continues our geographical expansion.” Pramerica Real Estate Investors controls $38.4bn (£18.9bn) of assets for more than 400 clients.