|BFH -Investate in $300m project deal
The Bahrain Financial Harbour yesterday signed an agreement with Investate to develop $300 million residential and retail project. Under the deal, Investate will buy the plot of land identified as Residential North.
The plot, as per the project master plan, is earmarked for housing a key residential component of the $3 billion BFH development.
The project will be a mixed residential and retail high-end development near the proposed Bahrain Performance Centre, at BFH.
Bahrain Financial Harbour Holding Company chief executive officer Stephen Rothel said this significant sale with Investate is important as it doesn't just signify an alliance with quality partners but also further validates the strong demand for BFH as an asset class.
'Having successfully sold out the Financial Centre and Residential South components of BFH earlier on, this deal with Investate for part of Residential North marks the next significant land parcel sale at BFH, with a few more in the pipeline to be announced soon.
'We are confident that Investate, which is a young and innovative investment company that has one of Bahrain's most experienced management teams, will execute the Residential North project on time while maintaining the highest levels of quality and without much deviation from the broad development guidelines as set out in the original master plan,' he added.
Investate, which was successfully incorporated in October - last year, reported an impressive profit of $11.1m.
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