Seef Properties signed a partnership agreement with Muharraq Mall Company announcing their acquisition of a 50% stake in the upcoming Muharraq Seef Mall near Arad Fort.
The new partnership paves the way for the development of the BD18.7m project whereby Seef Properties will be responsible for the leasing and management of the mall which is projected to open by Q3 2014.
Integrated with the new corniche constructed along Arad bay, the Muharraq Seef Mall has a total leasable area of 30,000 sqm and will have on-grade parking with retail space spread over two levels. The projectwill contain retail and leisure outlets and has been designed to cater for the needs of the residents living in Muharraq and visitors alike. The project includes an open air amphitheatre that will be used for public and cultural events.
The Chairman of Seef Properties, Shaikh Abdulla bin Khalifa Al Khalifa said, “This acquisition marks an important milestone in the evolution of Seef Properties as it becomes the leading mall developer in Bahrain. We see this project as an important facility for the residents of Muharraq, and also an indicator of business confidence in Bahrain. We hope to be able to announce further acquisitions or developments in the near future.”
Adnan Al Bassem, Chairman of Muharraq Mall Company added, “We are delighted with our partnership with Seef Properties. Their backing of the project and the experience they bring will add significant value and ensure the success of the project.”
“We are also extremely grateful to the Muharraq Club, as the owners of the land, for their assistance in facilitating the new partnership,” he further added.
The Muharraq Mall Company w.l.l. is a 55/45 joint venture between the Malls Real Estate Development Company and Haykala Investment Company.