BMMI buys Addax Tower
Manama, August 6, 2013
Bahrain-based BMMI recently purchased the Addax Tower and car park building, located in the heart of Bahrain’s upscale Seef District, from Addax Bank.
The 17-storey commercial tower and stand-alone car park are ideally located across from Seef Mall and are in close proximity to most major financial institutions, as well as some of Bahrain’s top hotels and leisure spots.
Built on a total plot size of 21,700 sq ft, the asset houses offices of some of Bahrain’s top companies. The dedicated car park accommodates 286 cars on 10 levels and is built on an area of 105,380 sq ft.
The purchase is a major investment on the part of BMMI and is a valuable addition to the group’s various assets around the kingdom.
BMMI intends to relocate its corporate office to the newly purchased tower by the end of 2013.
Addax Bank’s successful sale of the property marks an important step in the bank’s restructuring efforts, in the best interest of its investors and shareholders.
BMMI operates across industries, distributing food, beverages and household goods, providing end-to-end supply chain solutions and delivering contract-based consumable and non-consumable products to governments, NGOs and commercial customers.
Listed on the Bahrain Stock Exchange, BMMI has an annual turnover in excess of $230 million. – TradeArabia News Service