Bloomberg News

Qatari Fund Raises Islamic Financing for Washington CityCenterDC

June 10, 2013

The First Investor QSCC, the investment banking unit of Qatar’s Barwa Bank QSC, raised about $390 million of Islamic financing to fund construction of Washington’s CityCenterDC project.

JPMorgan Chase & Co. (JPM:US) led the deal for TFI’s U.S. Real Estate Fund, according to an e-mailed statement from TFI. The financing was arranged by TFI and its development partner, Hines Real Estate Investment Trust Inc.

“The attractive financing terms offered by the JPMorgan-led syndicate are a further validation of the project’s profile and strong commercial merits,” TFI’s Chief Executive Officer Khalid Al Subeai said in the statement.

CityCenterDC is an eight-acre development in the U.S. capital planned by the U.K.’s Foster + Partners Ltd., including apartment buildings, condominiums, offices, retail and hotel rooms. Construction started in March 2011.

A sharia-compliant loan, or murabaha, complies with Islamic law’s ban on interest.

To contact the reporter on this story: Stephen Morris in London at smorris39@bloomberg.net.

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net.


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