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Seef Properties plans major expansion in Bahrain

MANAMA, September 7, 2014

Bahrain-based Seef properties, a leading operator is planning a multi-million dollar expansion into new areas of the kingdom, said its general manager, adding that the company hopes to double its footprint in the next five years.

Seef Properties, which manages Seef Mall, Isa Town Mall and the upcoming Seef Mall Muharraq, is also looking at opportunities throughout the GCC and seeking to diversify into other real estate-linked businesses, Robert Addison told the Gulf Daily News (GDN), our sister publication.

'We are looking at multiple sites and multiple projects,' he said. 'A five-year strategy being implemented will see the company double the size of its business.'

The plan includes driving growth through acquisitions, as well as development of existing assets in Bahrain.

Seef Properties' next major project, the new 70,000-sq-m mall in Muharraq costing BD20 million ($52.7 million), is due to open in November.

It is an equal stakes joint venture between Seef Properties and Muharraq Mall Company, with the leasing and management of the mall handled by Seef Properties.

The mall is anchored by a Geant Hypermarket and a 14-screen cinema complex, operated by Grand Cinemas '“ marking the Dubai-based cinema operator's first foray into Bahrain.

Seef Properties' flagship shopping complex, Seef Mall, has faced stiff competition since the opening of Bahrain City Centre nearby in 2008.

However, it has just reopened its Magic Island indoor theme park after a $7 million refurbishment that took five months to complete.

'The increase in income from our retail and hospitality businesses more than offset the temporary closure and is testament to the ever-increasing popularity of our malls and Fraser Suites,' Addison said.

He added the new-look Magic Island was part of a major exercise to enhance the 'appeal and attractiveness' of Seef Mall, which is owned by the Bahrain government.

'Year-on-year customer traffic to the mall is up almost 12 per cent and continues to grow... The last weekend which featured the soft launch of the new theme park saw 15 per cent rise in footfall,' he said.

Meanwhile, the Isa Town Mall has seen a 25 per cent expansion over the last three years.

'While there are no immediate plans to revamp Magic Island there, as it is only two years old, the Muharraq mall will feature a smaller version of the theme park,' said Addison.

Seef Properties is a publicly listed company with more than 450 assets across Bahrain worth in excess of $400m. Major shareholders include the General Organisation for Social Insurance, Royal Charity Organisation, Kuwait Finance House and Al Bayan Group.

In the first half of this year, the company's net profit rose 3.4 per cent to BD3.42 million, from BD3.31 millio in the same period last year.

Since 2010, the share price of the company has increased by 65 per cent and the asset value by over 30 per cent. – TradeArabia News Service
 




Tags: Bahrain | Seef Properties |

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