Seef Properties, a leading Bahraini listed mall management company and owner of Seef Mall in Bahrain, has signed a partnership agreement with Muharraq Mall Company one of Rasameel Structured Finance Company subsidiaries in Bahrain announcing their subscription in a 50% stake capital increase in the upcoming Muharraq Seef Mall near Arad Fort.
The new partnership paves the way for the development of the BD 18.7 million commercial mall project whereby Seef Properties will be responsible for the leasing and management of the mall which is projected to open byQ3 2014.
Integrated with the new corniche constructed along Arad bay, the Muharraq Seef Mall has a total leasable area of 30,000 sqm and will have one-grade parking with retail space spread over two levels. The project will contain retail and leisure outlets and has been designed to cater for the needs of the residents living in Muharraq area and visitors alike. The project includes an open air amphitheatre that will be used for public and cultural events.
The Chairman of Seef Properties, Shaikh Abdulla bin Khalifa Al Khalifa said, "This acquisition marks an important milestone in the evolution of Seef Properties as it becomes the leading mall developer in Bahrain. We see this project as an important facility for the residents of Muharraq, and also an indicator of business confidence in Bahrain. We hope to be able to announce further acquisitions or developments in the near future."
Adnan Al Bassam, Chairman of Muharraq Mall Company added, "We are delighted with our partnership with Seef Properties. Their backing of the project and the experience they bring will add significant value and ensure the success of the project. "
"We are also extremely grateful to the Muharraq Club, as the land BOT lessor , for their assistance in facilitating the new partnership, he further added.
The Muharraq Mall Company W.l.l. was initially a 55/45 joint venture between the Malls Real Estate Development Company and Haykala Investment Company ( a subsidiary of Rasameel) .
The Chairman of Rasameel Structured Finance Company said "A company like Seef Real Estate is a good value added to the project which will enhance the potential for the project."
For further information, visit www.rasameel.com
Media contact:
RASAMEEL
Hassan Al Azem, SVP - Corporate Strategy & Human Capital
Tel: +965 2247 8800
Fax: +965 22476600
email: halazem@rasameel.com
© Press Release 2012
