Ibdar Bank, the Bahrain-based wholesale Islamic investment bank, announced Monday the successful exit from four Bahrain-based real estate investments for a total value of $21.67 million.
The first two exits consist of the sale of two 11-story buildings acquired by the bank for total consideration of $12.07 million. The first is a 64-apartment fully furnished building located in Manama and the other consists of 38-fully furnished apartments in Busaiteen. The other two exits consist of the sale of the bank's affiliate company's 11-story and 10-story properties located in the popular Juffair area. The properties consist of 83 fully furnished apartments in total and supporting convenience, leisure and parking facilities, which were sold for a total consideration of $9.6 million.
Ahmed Al-Rayes, Acting CEO of Ibdar Bank, said "we are pleased to announce additional profitable exits from investments made by the bank in prime Bahraini real estate. Both as a regional and global property investor, we continue to demonstrate a sound and consistent track record of identifying compelling investments. These exits are also in line with the bank's strategy to pursue the sale of legacy assets in order to recycle capital and enable the bank to further diversify its real estate portfolio across geographies. Currently, we see a strong pipeline of opportunities in markets including the UK, Europe and United States where we are looking to further extend our investment activities in order to strengthen our investment offering and our ability to generate strong, steady streams of income and returns for the bank and our investors and shareholders."
© The Saudi Gazette 2016
