10 May 2022
Houlihan Lokey Raised c. USD 200 million for Shapoorji Pallonji International Property Developers (SPIPD) to Finance the Completion of the Landmark Imperial Avenue Project in Downtown Dubai
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 Imperial Avenue residential development in Downtown Dubai.
Arun Reddy, Managing Director and Head of Middle East and Africa at Houlihan Lokey, commented, “This transaction marks an important milestone for the development of the Imperial Avenue project and for 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 per cent 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.
About Houlihan Lokey
Houlihan Lokey (NYSE:HLI) is a global investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, and valuation. The firm serves corporations, institutions, and governments worldwide with offices in the United States, Europe, the Middle East, and the Asia-Pacific region. Houlihan Lokey is the No. 1 investment bank for all global M&A transactions, the No. 1 M&A advisor for the past seven consecutive years in the U.S., the No. 1 global restructuring advisor for the past eight consecutive years, and the No. 1 global M&A fairness opinion advisor over the past 20 years, all based on number of transactions and according to data provided by Refinitiv.