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Ibdar exits Bahrain real estate investments

MANAMA, January 17, 2016

Bahrain-based Islamic lender Ibdar Bank has announced its successful exit from four real estate investments in the kingdom for a total value of $21.67 million.

The first two exits consist of the sale of two 11-storey buildings acquired by the bank for a total consideration of $12.07 million. The first is a 64-apartment fully furnished building located in Manama and the other consists of 38-fully furnished apartments in Busaiteen area of Bahrain.

The other exit involves the sale of two properties of Ibdar’s affiliate company - a 11-storey building and a 10-storey apartment located in the popular Juffair area.

The properties consist of 83 fully furnished apartments in total and supporting convenience, leisure and parking facilities, which were sold for a total consideration of $9.6 million.  

Commenting on the move, Ahmed Al Rayes, the acting chief executive, said: "We are pleased to announce additional profitable exits from investments made by Ibdar in prime Bahraini real estate. Both as a regional and global property investor, we continue to demonstrate a sound and consistent track record of identifying compelling investments."

"These exits are also in line with the bank’s strategy to pursue the sale of legacy assets in order to recycle capital and enable the bank to further diversify its real estate portfolio across geographies," stated Al Rayes.

"Currently, we see a strong pipeline of opportunities in markets including the UK, Europe and US where we are looking to further extend our investment activities in order to strengthen our investment offering and our ability to generate strong, steady streams of income and returns for the bank and our investors and shareholders," he noted.

Ibdar Bank is active in private equity in the GCC and Middle East and North Africa (Mena) markets as well as in the regional and global real estate. It has extensive experience in sectors including aviation, infrastructure, oil and gas, maritime and retail.-TradeArabia News Service




Tags: Bahrain | real estate | investments | Ibdar |

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