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Ahad closes Porta Reef acquisition deal.

Bahrain-based developer and investor Ahad Holdings said it has closed a multi-million dollar deal for acquisition of 17 Porta Reef apartments, the largest single bulk buy on the landmark Reef Island development.

Located on Manama's northern shore, Reef Island is a 579,000 sq m man-made island consisting of high end residential developments. It is located between Bahrain Financial Harbour and Seef District, one of the Kingdom's main business and tourist centres.

It is made up of 39 residential buildings, with a total of 1,217 apartments, as well as 49 chalets, 65 villas, a five-star hotel and an Icon Tower.

Porta Reef is a three-tower project of Abu Dhabi Investment House located on Reef Island in Bahrain. The 17 apartments, which together have a combined area of 3,800 sq m, comprises three-bedroom units, but also includes some two-bedroom apartments.

The units, which are spread among Porta Reef's three towers, will serve to bolster Ahad Holdings' expanding portfolio of luxury free hold property, which already includes the upscale Le Reef low rise towers, also located on Reef Island, and other properties at Venice Promenade, said a senior officer.

"This is an important strategic purchase for Ahad Holdings, according to its said chief executive officer Hamid Nishat.

'Porta Reef's location within the vicinity of our own project makes it ideal for us as we will be able to market the two projects together. Beyond that, this deal is also a show of confidence in Bahrain real estate, which is still healthy relative to some other markets in the region,' he observed.

"Reef Island is a visionary project which we believe will play a major role in the full recovery of Bahrain's property market. The size of this transaction has already created a stir, which we hope will awaken the market and inspire similar deals by other investors down the line,' he said.

'Ahad Holdings hopes to contribute to this, with plans already underway to further expand our presence on Reef Island through other properties,' Nishat said speaking at a key handing ceremony held to mark the landmark sale. Porta Reef head of sales Ahmed Habib also took part besides other officials.

Porta Reef is currently handing over its units to their respective buyers, who are beginning to furnish them. A few residents have already moved in, said Habib.

"The fact that we have been able to sell all the units in Porta Reef indicates that there is still strong investor support for Bahrain real estate, especially high quality residential projects such as Porta Reef," the official said.

"This is a win-win deal for both our companies and a milestone for Reef Island as well. Porta Reef is able to sell off a large section of its units while at the same time enabling Ahad Holdings to immediately begin marketing a finished Reef Island property," he said.

Ahad is a holding company for a group of commercial, industrial and services companies which specialize in purchase, sale, development and management of real estate.- TradeArabia News Service

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Publication:TradeArabia (Manama, Bahrain)
Date:Sep 4, 2010
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