The Arabian Real Estate Investment Trust (AREIT) has acquired the Wind Tower in Bahrain’s Diplomatic Area.

The 11-storey tower, a landmark office building, comprises 65,000 sq ft of office and 2,500 sq ft retail space. Its construction was completed in 2006.

“The acquisition represents a further step towards our expansion within the GCC and is an excellent addition to our portfolio,” said chief executive officer Stephen Atkinson.

AREIT is the first real estate investment trust to be established in the GCC and focuses on investing in developed and specialised properties in prime locations throughout the GCC.

In July 2007, AREIT completed the first commercial mortgage-backed securitisation (CMBS) transaction in the Middle East with senior notes rated Aa3 by Moody’s and AA- by Fitch Ratings. The subordinated tranches also attracted investment-grade ratings. With AREIT’s ratings for all classes of notes performing inline with Moody’s expectations, the notes ratings were recently re-affirmed.

AREIT has also received the ‘Most Innovative Finance’ Award at the prestigious Cityscape Middle East Real Estate Awards for the past two years. – Trade Arabia News Service