- Bank's real estate strategy focused on further geographic diversification and investment across regional and global markets
Manama, 17 January 2016: Ibdar Bank ("Ibdar"), the Bahrain based wholesale Islamic investment bank, today announced the successful exit from four Bahrain-based real estate investments for a total value of USD 21.67 million.
The first two exits consist of the sale of two 11-story buildings acquired by the Bank for total consideration of USD12.07 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 USD9.6 million.
Commenting, Mr. 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."
Ibdar Bank is active in private equity in the GCC and MENA markets as well as in the regional and global real estate. The Bank has extensive experience in sectors including aviation, infrastructure, oil & gas, maritime and retail, among others. It has recently announced a number of successful investments and exits in real estate and in financing and leasing. Currently, Ibdar has a strong pipeline of opportunities under evaluation in real estate and other areas that build on growth in consumer patterns across its markets of focus and in industries where its experience and knowledge support solid returns.
About Ibdar Bank
Ibdar Bank ("Ibdar") is an Islamic investment bank incorporated in the Kingdom of Bahrain, where it operates under a wholesale Islamic banking license and is regulated by the Central Bank of Bahrain.
The Bank has USD300 million in paid up capital, an asset base in excess of USD400 million - as at end of September 2014 - and significant funds for deployment. Ibdar is engaged in private equity, capital markets and real estate, activities through which it aims to generate diversified and recurring income streams for the Bank, its shareholders and co-investors.
Geographically, the Bank's focus is on the GCC and MENA region including Turkey. It also transacts in Southeast Asia and select developed markets on an opportunistic basis. Ibdar has a significant expertise in areas such as Aviation, Infrastructure, Maritime, Oil & Gas, and Real estate, among others.
The Bank was created from the first three-way merger in the Islamic banking industry between Capital Management House (CMH), CAPIVEST and Elaf Bank in 2012 and was then re-launched as Ibdar Bank in November 2013.
For further information, please visit: www.ibdarbank.com
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© Press Release 2016