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Investate and Bahrain Financial Harbour Holding Company Sign Significant Land Deal
Investate to Develop a High-End Project Costing More Than USD 300 MillionManama, Bahrain (Saturday April 5th, 2008): Closely following the announcement of a majority sale of the Financial Centre to Emar Bahrain, in a deal valuing its shares at over US$425 million, Bahrain Financial Harbour Holding Company (BFHHC) today announced another significant sale deal with Investate Realty B.S.C. (c) (Investate). As per the sale agreement, Investate will buy the plot of land identified as Residential North RN 004, which as per the project master plan, is earmarked for housing a key residential component of the US$ 3 billion Bahrain Financial Harbour (BFH) development.
The project will be a mixed residential and retail high-end development adjacent to the proposed Bahrain Performance Centre, at BFH.
Commenting on the deal, Mr. Stephen Rothel, Chief Executive Officer, BFHHC said: "This significant sale with Investate, which is partnering with Dubai - based Omniyat Properties (Omniyat), one of the largest and most innovative private real estate developers in Dubai through a number of iconic projects that received worldwide acclaim, as its development manager, is important as it not just signifies an alliance with quality partners but also further validates the strong demand for BFH as an asset class. Having successfully sold out the Financial Centre and Residential South components of BFH earlier on, this deal with Investate for part of Residential North marks the next significant land parcel sale at BFH, with a few more in the pipeline to be announced soon.
"We are confident that Investate, which is a young and innovative investment company that has one of Bahrain's most experienced management teams, will execute the Residential North project on time while maintaining the highest levels of quality and without much deviation from the broad development guidelines as set out in the original master plan," added Mr Rothel.
Investate, which was successfully incorporated in October 2007 reported an impressive profit of US$ 11.1 million for the year ended 31 December 2007, offers unique investment opportunities in real estate development.
Commenting on the deal with BFH, Mr. Salah Nooruddin, Chief Executive Officer of Investate said:"We are very proud that our intended BFH project is marking Investate's foray into the Bahrain market. Not only that but the development will boast a signature design concept that will position it at the very high end of all developments so far seen in Bahrain. The final design concept of the project will be announced in few months time. The BFH project which has already generated tremendous local and international interest, a fact evident from the tenancy and sale deals inked so far, makes it a very attractive location. This along with the feasibility study conducted by us led us to believe that the project was a secure and safe investment option, further driven by its high potential for success due to its location." Mr. Nooruddin added.
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ABOUT BFH
A fully integrated, master-planned development, the US$ 3 billion Bahrain Financial Harbour (BFH), is creating a complete financial city, a self contained community and reinforcing Bahrain's unsurpassed position as the financial capital of the Middle East. A first of its kind development in the region, BFH is a highly focused, committed and advanced financial environment spread over 380,000 square metres of prime seafront property in the centre of Manama, Kingdom of Bahrain. Furthermore, it comprises of 10 projects that uniquely combines business, leisure and residential components under one canopy. Phase I of the project ‘The Financial Centre' which includes the Harbour Towers - Bahrain's tallest towers and the Harbour Mall. The BFH Client Relations Centre is located on-site at the 'Gateway to Bahrain' on the King Faisal Highway in Manama.
ABOUT INVESTATE
Investate Realty B.S.C. (c) was established in 2007 with a paid-up capital of US$ 108 million and an authorised capital of US$ 500 million. Investate offers investment opportunities in real estate development, income producing assets, private equity and corporate finance. Sharia'a compliant in outlook, Investate gains immensely from the strength and experience of its strategic partners, shareholders and investors spread across the region. Investate's shareholders include Omniyat Holdings (Dubai), Almasa Holdings (Dubai), Kuwait Investment Company (Kuwait), The First Investor (Qatar), Al Rashed Group (Saudi Arabia) and Al Hokair Group (Saudi Arabia) to mention a few.
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