Reef to give financing for BFB Tower clients
Manama, June 9, 2008
BFB Tower project has signed a Memorandum of Understanding (MoU) with Reef - Real Estate Finance Company for providing streamlined financing for clients.
The MoU ensures that prospective clients of BFB Tower can secure fast and efficient financing from Reef. Present at the signing were Reef CEO Mahmood Al Koofi, Reef head of retail and placement AbdulAziz Al Ruwaihi, Bin Faqeeh Real Estate Investment Company chairman Faisal Faqeeh and Landmark Bahrain director Mohammed Younis.
The BD30 million ($79.5m) BFB Tower, which was unveiled earlier this year, stands at 35 floors. It is located in the heart of the Seef district, in close proximity to numerous financial centres, malls, and the upcoming City Centre.
The project is developed by Bin Faqeeh Real Estate Investment Company and marketed by Landmark Bahrain.
Considering the Tower’s freehold status, Reef has designed its financing options to be offered to nationals or expatriates resident in Bahrain or any GCC country. Reef’s sharia compliant financing terms offer a reasonable down payment requirement for the commercial project, alongside financing over 25 years.
Speaking on the new partnership, Al Koofi said, “As part of our brand and business model, we believe that our role encompasses undertaking strategies that nourish the real estate sector, and enable its growth. We believe that our partnerships should always be based on value sharing and on extending resources for development.
”Signing this agreement with Bin Faqeeh Real Estate Investment Company is based on this rationale, and on our belief in the project being a qualitative addition to the commercial property market. The market response to BFB Tower has been great, and we are pleased to be part of the company’s future successes.”
Al Faqeeh also commented on the partnership noting Reef’s ability to structure flexible financing solutions for end-users. “Reef has built a reputable name for itself, and we are pleased to extend their flexible financing services to our potential clients. Our partnership with Reef puts BFB Tower within the reach of a wider number of clients, allowing a greater number of local and international companies to gain access to the project’s modern and dynamic business set up.
“We are very proud of our achievement with BFB Tower. Its design and facilities are in line with our complete commitment to meticulous planning and to delivering results.” – TradeArabia News Service