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IFA buys $13.5m building in Beirut

Monday, June 26, 2006
TradeArabia News Service


International Financial Advisors (IFA) has announced the purchase of an office building in 2 Park Avenue (A) in Beirut City Center for $13.5 million.

The office building comprises six floors -- ground floor in addition to four basement floors — and is situated in Bab Idris, the elite commercial district in Solidere where most commercial banks are located.

Jassim M Al-Bahar, chairman and managing director of IFA, said: “The deal is in keeping with the company’s strategy for diversifying its activities to include investments in residential buildings and commercial complexes in addition to its investments in the hospitality sector. This reinforces IFA’s presence in Beirut, a vital business centre in the region, which began with the Alabadiyah Hills project and the Four Seasons Hotel, Beirut in partnership with Kingdom Hotel Investments.”

The office building will serve as an operational centre for IFA and its consortium. The company has also received leasing requests from international institutions and is currently evaluating these with the objective of achieving the highest return on this investment.

“This recent investment in Lebanon furthers IFA’s strategy to extend its presence in the Middle East and other key markets. This geographical expansion and investment diversification will help to achieve exceptional operating profits in future years and will enhance shareholders’ value,” Al-Bahar added.
 
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