Houlihan Lokey, the global investment bank listed on the New York Stock Exchange (NYSE: HLI), is pleased to announce that it has secured funding for SPIPD to finance the completion of the Imperial Avenue residential development in Downtown Dubai.
Arun Reddy, Managing Director and Head of the Middle East and Africa at Houlihan Lokey, commented, “This transaction marks an important milestone for the development of the Imperial Avenue project and Dubai. We worked closely with the Real Estate Regulatory Authority (RERA) who helped facilitate the transaction, and we were able to leverage our global reach and access to international capital to secure the desired funding for our client alongside restructuring of the local bank.”
SPIPD is the development arm of Shapoorji Pallonji, one of India’s largest business conglomerates with a leading presence in the sectors of Engineering & Construction, Infrastructure, Real Estate, Water, Energy, and Financial Services and a strong employee base of over 70,000 people across 70 countries.
Imperial Avenue is Shapoorji’s flagship real estate project in the UAE. The 45-floor residential tower is currently 55 percent complete and is expected to reach completion by the end of next year.
“The transaction is a testament to Dubai’s attractiveness to international investors as well as Houlihan Lokey’s expertise and connectivity in the market. Dubai’s real estate market continues to offer the best relative value across 25 global cities,” said Mr. Reddy, who believes this transaction confirms positive market sentiment and international capital appetite for Dubai’s real estate market vis-à-vis other markets.