John Keells Holdings concludes debt financing for Waterfront Project re-branded ‘Cinnamon Life’Waterfront Properties (Private) Limited, the subsidiary controlled by John Keells Holdings PLC has finalized a syndicated project development facility amounting to USD 395 million with the Standard Chartered Bank thus concluding the required debt financing for the project.
John Keells’ Waterfront Project situated in a premier location of Colombo includes a 6 star hotel, apartment blocks, large retail centre, office buildings and car parks. It is a city within a city.
While the project was under the former government’s Strategic Projects Development Act, work began on the site in March 2014 and was to be complete in 2018.
However, following the regime change, the new government halted this project while banning new casinos and other gaming facilities proposed at the venture between Australian James Packer’s Crown Resort and Lake Leisure, Water Front Properties and Queensbury Leisure hotel projects.
