The Hatton National Bank (HNB) got into a breakthrough partnership with retail department store, ODEL to lead the syndication of a Rs. 5.4 billion loan to fuel the expansion of its flagship store at Alexandra Place, Colombo 7.
The syndicated loan, which will cover the major part of the total cost of construction of the New ODEL Mall amounting to Rs. 9 billion, was arranged by HNB in partnership with Sampath Bank PLC and Bank of Ceylon with each party participating equally in the loan. DGM Corporate Banking HNB Ruwan Manatunga signed as the Lead Arranger together with Senior DGM Corporate Banking Sampath Bank Shashi Jassim and BOC DGM Corporate and Offshore Banking Russel Fonseka.
“HNB is a bank which is a firm believer in the power of local businesses to build internationally renowned Sri Lankan brands. Hence it is a true pleasure for HNB to serve as lead bank to the syndicated loan that is powering the timely expansion of Odel,” said DGM Corporate Banking HNB, Ruwan Manatunga.
The entire range of retail products under the Softlogic umbrella including ODEL will occupy approximately. 50% of the retail space in the new Odel Mall while the balance 50% will be rented out.
With major part of the Piling work completed and the appointed civil contractor already in the process of mobilizing, the landmark project is expected to be completed in 2020.