The First Investor has acquired a SAR 300 million residential compound in Riyadh
The First Investor (TFI), the investment banking division of Barwa Bank Group (BBG) is pleased to announce the acquisition of a residential compound in Riyadh by Manazel Compounds Real Estate LLC, an entity that has been incorporated for the compounds acquisition. TFI, Barwa Bank, Tanween alongside our strategic partner Warba Bank, Kuwait has invested in the acquisition of a SAR 300 million compound. Alinma Bank has supported the acquisition by providing financing facility for the acquisition.
The development is a newly built compound which is strategically located in Riyadh within the vicinity of two major landmarks (the upcoming Metro station that directly leads to Amir Khalid Airport and the University of Amira Noora). Manazel Compounds has been able to lease the compound to Saudi Arabia Airlines which is currently accommodating over 1,000 cabin crew staff in the compound. The compound also hosts a number of recreational facilities such as full equipped Bowling Alley, Theater, swimming pools (indoor & outdoor), Tennis courts, Squash courts, Sauna, Gym, Retail, Nursery, Playgrounds and even a bank ATM.
TFI is in the process of further acquisitions of income generating residential compounds / assets in Saudi which is one of the most sought after asset classes due to the huge supply demand gap in this sector - with demand exceeding supply by more than two times in Riyadh, Jeddah and Dammam. Most compounds currently have long waiting lists and this is an opportune time to focus on this market segment.
Mr. Yousef AL-Obaidan, CEO of TFI commented on the venture, “TFI is proud to acquire its first residential compound in Saudi with excellent returns. With the current market dynamics, expatriate residential compounds are becoming an increasingly attractive sector. There is a good momentum for Manazel to benefit from this lucrative investment opportunity. We are happy to expand the Manazel platform which offers an exposure to this highly lucrative sector in line with our strategy of delivering superior risk adjusted returns ”.
About The First Investor (TFI)
TFI is a leading Shari’ah investment company in Qatar owned by Barwa Bank and regulated by the Qatar Central Bank. It is emerging as one of the most respected investment banking firms within the region, combining Qatari leadership with both international and local expertise to provide dedicated services in Investment Banking, Asset Management and Real Estate Investment. Through its strong international network of relationships and deep technical expertise, TFI provides a global approach in helping clients formulate, deliver and manage effective corporate strategies. Visit http://www.tfi.com.qa for more information
About Tanween
Tanween is a leading development consultancy and developer providing turnkey solutions to the real estate industry from investment to delivery; Tanween’s model is based on partnership with developers, investors or landowners covering services from opportunities assessment to valuations, business plans, development strategy, investment and financing strategy, project delivery, monetization strategy, asset management and final exit strategy. Visit http://www.tanween.com/ for more information
