BMMI recently purchased the Addax Tower and car park building, located in the heart of Bahrains 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 Bahrains top hotels and leisure spots.
Built on a total plot size of 21,700 square feet, the asset houses offices of some of Bahrains top blue-chip companies. The dedicated car park accommodates 286 cars on 10 levels and is built on an area of 105,380 square feet.
The purchase is a major investment on the part of BMMI and is a valuable addition to the Groups various assets around the kingdom, proving, once again, that as BMMI marks its 130 years anniversary, it continues to grow and prosper as one of Bahrains cornerstone businesses. BMMI intends to relocate its corporate office to the newly purchased tower by the end of 2013.
Addax Banks successful sale of the property marks an important step in the banks restructuring efforts, in the best interest of its investors and shareholders.
About BMMI
BMMI operates across industries, across the region and across continents, 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 US$ 230 million. With a multicultural workforce representing more than 30 different nationalities, the Group currently operates strategic Branches, Associates and Joint Ventures in Bahrain, Qatar, Djibouti, Mali, Ghana, Gabon, Kenya, Sudan, South Sudan and Washington D.C.
About Addax
Founded in 2003, Addax Bank is a wholesale bank based in the Kingdom of Bahrain and regulated by the Central Bank of Bahrain. Addax Banks principal lines of business include private equity and real estate.
For further information, please contact:
Jad Moukheiber
Legal Affairs Manager
Telephone: (+973) 17 746 113
Email: JMukheiber@BMMI.com.bh
Onsia Shehabi
Addax Bank
Telephone: (+973) 17 560 413
Email: onsia@addaxbank.com
Press Release 2013
