Real estate deal is signed

Closely following the announcement of a majority sale of the Financial Centre to Emar Bahrain, in a deal valuing its shares at over $425 million, Bahrain Financial Harbour Holding Company (BFHHC) announced another significant sale deal with Investate Realty (Investate).

Investate will buy the plot of land identified as Residential North RN 004, which according to the project master plan, is earmarked for housing a key residential component of the $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.

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 $11.1 million for the year ended 31 December 2007.

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 an attractive location.

"This along, with the feasibility study, 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.