BMMI recently purchased the Addax Tower and car park building, located in the heart of Bahrain’s upscale Seef District, from Addax Bank.
The 17-storey commercial tower and stand-alone car park are ideally located across from Seef Mall and are in close proximity to most major financial institutions, as well as some of Bahrain’s top hotels and leisure spots.
Built on a total plot size of 21,700 square feet, the asset houses offices of some of Bahrain’s top blue-chip companies. The dedicated car park accommodates 286 cars on 10 levels and is built on an area of 105,380 square feet.
The purchase is a major investment on the part of BMMI and is a valuable addition to the Group’s various assets around the kingdom, proving, once again, that as BMMI marks its 130 years anniversary, it continues to grow and prosper as one of Bahrain’s cornerstone businesses. BMMI intends to relocate its corporate office to the newly purchased tower by the end of 2013.
Addax Bank’s successful sale of the property marks an important step in the bank’s restructuring efforts, in the best interest of its investors and shareholders.