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Radium compound ... boasts a number of recreational facilities.

Barwa unit buys Riyadh residential compound

RIYADH, April 12, 2015

The First Investor (TFI), the investment banking unit of Qatar-based Barwa Bank Group (BBG), said it has reached an agreement with Manazel Compounds Real Estate to acquire the SR300-million ($80 million) Radium residential compound in Riyadh, Saudi Arabia.

The development is a newly-built compound which is strategically located in the Saudi capital within the vicinity of two major landmarks - the upcoming metro station that directly leads to Amir Khalid Airport and the University of Amira Noora.

Manazel has leased the compound to Saudi Arabia Airlines which is currently accommodating more than 1,000 cabin crew staff in the compound.

The development boasts a number of recreational facilities such as a fully equipped bowling alley, theatre, swimming pools (indoor and outdoor), tennis courts, squash courts, sauna, gym, retail outlet, nursery, playgrounds and even an ATM.

TFI said Barwa Bank and Tanween, a leading development consultancy and developer providing turnkey solutions to the real estate industry, alongside its strategic partner Warba Bank of Kuwait, have all invested in the acquisition of the expatriate compound.

Alinma Bank backed the acquisition by providing financing facility for the acquisition, it added.

A leading Shari’ah investment company in Qatar owned by Barwa Bank and regulated by the Qatar Central Bank, TFI said it is in the process of further acquisitions of income-generating residential compounds/assets in Saudi Arabia.

Yousef Al Obaidan, the chief executive of TFI, said: "We are proud to acquire our first residential compound in Saudi Arabia with excellent returns. With the current market dynamics, expatriate residential compounds are becoming an increasingly attractive sector."

"There is a good momentum for Manazel to benefit from this lucrative investment opportunity. We are happy to expand the Manazel platform which offers an exposure to this highly lucrative sector in line with our strategy of delivering superior risk adjusted returns." he added.-TradeArabia News Service




Tags: Barwa | Riyadh | residential compound |

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