Bahrain Bank has formed a joint venture with a UK investor.
This quarter has seen a flurry of major property transactions and joint ventures all over the world.
Oasis Capital Bank (B.S.C. (c) (OCB) of Bahrain has formed a five-year joint venture with Unite Group Plc of the United Kingdom to build three student housing properties in London with a total approximate value of $322 million (£194 million). real estate qatar
The transaction was managed for Sheikh Mohammed Issa Mohammed Al Khalifa's community by Sheikh Mohammed Issa Mohammed Al Khalifa, a director at the one-year-old bank.
Oasis has invested $65 million (£39 million) in the joint venture, acquiring a 75 percent stake. The remaining 25% is held by Unite. Unite is a student housing developer and manager.
According to the joint venture's announcement, Unite's three under-construction assets, totaling 1,119 beds and covering the company's entire 2010 pipeline, will be sold to the joint venture for $146 million (£88.2 million).
"Students may not be everyone's ideal tenants," says a Unite delegate, "but they continue to provide a decent return for Unite Community."
Following the announcement of the joint venture, Unite's stock rose $18.25 (11p) to $309 (186p).
"The sale was an example of how Unite was looking for options other than a stock market fund-raising to recapitalize," a Unite spokesperson says, "and highlights how student accommodation remains attractive to institutional investors because of its potential for high rental growth and the supply-demand gap."
The 1,119 beds involved in the deal reflect Unite's entire pipeline for 2010.
Existing bank facilities associated with each property will be reduced by a total of $23 million (GBP 14 million) as part of the funding for the acquisition, and transferred to the joint venture, which will then have access to total debt facilities of $181 million (GBP 109 million).
The first $85 million (GBP 51 million) has been drawn, leaving the remainder available to cover completion costs. The properties are expected to cost $114 million to complete (GBP 69 million).
Oasis Capital Bank, a privately held company, was established in July with $1 billion in approved capital and $245 million in paid-up capital raised through a private placement memorandum.
Sh. Mohammed bin Isa Al Khalifa, Sh. Khalid bin Mohammed Al Khalifa, Abdulla Buhindi, Khalid Kanoo, Talal Al Zain, Abdulrazaq Hassan, and Khadem Al Qubaisi were elected as the first board members.
Mourjan Marinas IGY Expands in the Middle East with the Signing of 'The Wave' from Oman.
(DUBAI, United Arab Emirates) — Following the announcement this week that it will manage and operate the new world-class marina at The Wave, Muscat, Oman's newly built premier waterfront destination, Mourjan Marinas IGY's portfolio of projects across the Middle East continues to grow. The agreement was signed by Mourjan Marinas IGY CEO Michael Horrigan and The Wave CEO Michael Lenarduzzi.
The Wave, Muscat, is the region's first integrated resort and residential development, featuring a Greg Norman-designed golf course, five-star hotels, and a plethora of modern shopping, leisure, and dining options along a 7-kilometer seafront.
The Wave, Muscat, is home to a 400-berth marina that caters to sailing enthusiasts while also offering new residents an integrated marina lifestyle. "What appeals to me about this initiative is the potential it provides Mourjan Marinas IGY to contribute to Oman's ultimate aim of developing a world-class sailing boat industry," Horrigan said. Muscat will be the first step of The Wave to open in the second quarter.
According to Lenarduzzi, "This agreement demonstrates our dedication to not only creating the ultimate home and lifestyle destination in the heart of the city, but also to supporting the country's booming tourism industry. The Marina will undoubtedly enhance our current living standards as we spot Oman as a premier yachting and sailing destination that can compete on the global luxury boating circuit."
Mourjan Marinas IGY has announced that it will build The Wave, Muscat, the country's premier marina, following a series of recent strategic alliances, including the construction of the first marina as part of the Lusail City development in Doha, Qatar, and the operation of two marinas as part of the upcoming Marsa Al Seef project in Bahrain.