Podomoro gets Rp1.1 trillion loan

PT Tiara Metropolitan Jaya, a subsidiary of property developer giant Agung Podomoro Group, secured Rp1.1 trillion syndication loan arranged by state-owned bank BNI. 

Members of the syndicated loan are BNI, Bank International Indonesia (BII), and CIMB Niaga. Tiara will use the loan to finance its Central Park project with total investment of Rp2.74 trillion or about US$270 million. BNI provides Rp500 billion, BII Rp300 billion, and CIMB Niaga Rp300 billion. 

The remaining Rp1.64 trillion is self-financed. The loan will due in five years, including one year of grace period. Central Park, located in West Jakarta, is consisted of malls and apartments. 

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