Leading Kuwaiti developer Mabanee said one of its key subsidiaries in Bahrain has reached a deal to purchase a 9,554sq m vacant plot of land in the Bahrain Bay for $16.1M.
This comes in line with its plan for further investment and development, said the company in its filing to Boursa Kuwait. The significant effect of the transaction on the financial position of the company will be an increase in total assets, it added.
TradeArabia had last year reported that The Avenues Company, a wholly owned subsidiary of Al-Sorouh Management Company, had appointed Nass Group as the main contractor for the construction of The Avenues – Bahrain Phase II expansion project, which will add another 30,000sq m in leasing space, as well as new districts. The expansion project will extend The Avenues – Bahrain further along the west of Manama’s Seafront.
The extension will add 41,200sq m of leasable space, which will include 244 units, two entertainment areas, an ice rink and a supermarket, as well as a basement parking, bringing the total leasable area in both phases to approximately 80,000sq m.
