BFB signs Reef house loan deal

Manama, June 10, 2008

The BFB Tower project has signed a memorandum of understanding with Reef Real Estate Finance Company to ensure that prospective clients of BFB can secure fast and efficient financing.

The BD30 million ($79.5 million) BFB Tower, which was unveiled earlier this year, stands at 35 floors located in the heart of Seef district, in close proximity to numerous financial centres, malls and the upcoming City Centre.

It is being developed by Bin Faqeeh Real Estate Investment Company and marketed by Landmark Bahrain.

"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," said Reef chief executive officer Mahmood Al Koofi.

"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 additional 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."

"Reef has built a reputable name for itself, and we are pleased to extend their flexible financing services to our potential clients," said Bin Faqeeh Real Estate Investment Company chairman Faisal Al Faqeeh.

"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."-TradeArabia News Service

Tags: Reef | deal | BFB Tower | house loan |