Inovest sells stake in Bahrain beachfront project
MANAMA, April 6, 2016
Bahrain-based Inovest Group has sold its 60 per cent ownership stake in Tala Property Development at Amwaj Islands through a share purchase contract with Ossis, for a transaction value of approximately $7.7 million, said a top official.
The decision to exit the project comes after Inovest achieved its objectives by successfully completing the development in 2007, selling 100 per cent of its residences, and managing its facilities and operations till date, remarked Inovest CEO Murad Al Ramadan.
"We are extremely proud of our accomplishments within Tala Island, and of the Group's ability to manifest our vision for a beachfront community into a thriving reality," he stated.
"Real estate investment remains a central theme in our forthcoming strategy, and we expect to see this same level of diligence, aptitude, and return applied to our future real estate prospects," he added.
With this deal, Ossis will now retain complete ownership of the Tala Island, an exclusive $120 million cosmopolitan community development located at the heart of Amwaj Islands.
Covering an area of 110,000 sq m, the project was developed by Inovest's real estate and development arm, Tameer in collaboration with Ossis, in 2005 and was completed in 2007.
This transaction crystallises the value contribution of Tameer within the real estate investment and development community and strengthens the group's financial position, said Ramadan.
He further hailed the relationship between Inovest and Ossis.
"We are pleased to hand Tala Island into the care of Ossis as they have been a strategic partner in the development of Tala Island, and our partnership with them has always been based on mutual trust, respect and regard for their professionalism; we look forward to maintaining this rapport in future endeavors," he added.
Tala Island has been hailed as one of Bahrain's best development projects and has been awarded accordingly.
The project comprises 85 beachfront villas and 590 apartments built in a Spanish-Mediterranean style. It boasts of private swimming pools, a health club and sports centre, tennis courts, restaurants and a bustling retail area.
"Today, Tala is a fully occupied residential community, and is home to both Bahrainis and expatriates that enjoy the project's amenities. It is a testament to the group's real estate investment and development capabilities with Tameer managing the project in its entirety; from concept development and design, to infrastructure development and construction, through to property sales and ongoing project and facility management.
On the acquisition, Jameel Al Matrook, the managing director of Ossis, said: "As partners in Tala Island, we have been privy to the development and growth of the project since inception. Our joint venture with Inovest was mutually beneficial, and a solid precedent for future partnerships between us."
"It is a natural decision to bring Tala Island into the investment fold of Amwaj, the decision is a best fit with our corporate strategy, and with our business and brand philosophy, as well as with our plans for greater facility and operationalmanagement within the Amwaj community," observed Al Matrook.
"The sale is an indicator of general real estate market improvement and the possible return of investor confidence," he added.-TradeArabia News Service
"We are extremely proud of our accomplishments within Tala Island, and of the Group's ability to manifest our vision for a beachfront community into a thriving reality," he stated.
"Real estate investment remains a central theme in our forthcoming strategy, and we expect to see this same level of diligence, aptitude, and return applied to our future real estate prospects," he added.
With this deal, Ossis will now retain complete ownership of the Tala Island, an exclusive $120 million cosmopolitan community development located at the heart of Amwaj Islands.
Covering an area of 110,000 sq m, the project was developed by Inovest's real estate and development arm, Tameer in collaboration with Ossis, in 2005 and was completed in 2007.
This transaction crystallises the value contribution of Tameer within the real estate investment and development community and strengthens the group's financial position, said Ramadan.
He further hailed the relationship between Inovest and Ossis.
"We are pleased to hand Tala Island into the care of Ossis as they have been a strategic partner in the development of Tala Island, and our partnership with them has always been based on mutual trust, respect and regard for their professionalism; we look forward to maintaining this rapport in future endeavors," he added.
Tala Island has been hailed as one of Bahrain's best development projects and has been awarded accordingly.
The project comprises 85 beachfront villas and 590 apartments built in a Spanish-Mediterranean style. It boasts of private swimming pools, a health club and sports centre, tennis courts, restaurants and a bustling retail area.
"Today, Tala is a fully occupied residential community, and is home to both Bahrainis and expatriates that enjoy the project's amenities. It is a testament to the group's real estate investment and development capabilities with Tameer managing the project in its entirety; from concept development and design, to infrastructure development and construction, through to property sales and ongoing project and facility management.
On the acquisition, Jameel Al Matrook, the managing director of Ossis, said: "As partners in Tala Island, we have been privy to the development and growth of the project since inception. Our joint venture with Inovest was mutually beneficial, and a solid precedent for future partnerships between us."
"It is a natural decision to bring Tala Island into the investment fold of Amwaj, the decision is a best fit with our corporate strategy, and with our business and brand philosophy, as well as with our plans for greater facility and operationalmanagement within the Amwaj community," observed Al Matrook.
"The sale is an indicator of general real estate market improvement and the possible return of investor confidence," he added.-TradeArabia News Service
