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#PROJECT-Beirut: "Grand Tower" | 29F Mixed-use

3912 Views 19 Replies 8 Participants Last post by  Hassoun
Grand Tower

Beirut, Lebanon

Developer: International Investment Bank (IIB)​

Project Cost: $25 Million​


IIB launches new investment in prime Beirut property

International Investment Bank (IIB), a globally-focused investment bank based in Bahrain, today announced the launch of a mixed-use real estate investment opportunity in a prime location in the heart of Beirut, Lebanon.

Bahrain: Tuesday, June 13 - 2006

The Bank is offering the private placement of an 81,25% equity stake in the 29-storey Grand Tower, which will be built on a plot of land in Beirut's dynamic Central Business District, overlooking Martyr's Square. The total project cost will be approximately US$25 million, and investors are being offered a projected Return on Investment of 54% over an anticipated three year investment period. The transaction has been structured in accordance with Islamic Shari'ah.

'IIB is delighted to announce its latest real estate investment as we continue to seek out markets with strong growth potential. Lebanon is rapidly re-establishing itself as a leading tourism and business hub in the Middle East region, and we are confident that this is the right time to invest in its further growth,'
said Mr. Aabed Al Zeera, Chief Executive Officer of IIB.

The real estate sector, in particular, is already reaping the benefits of this renewed economic activity, with demand for land and property prices at their highest in recent years and continuing their upward trend.

Lebanon's real estate boom is being driven in part by leading GCC financial institutions, such as IIB, which are directing considerable investment into large scale residential, tourism and retail projects in Beirut. Additionally, demand for temporary and permanent residences in Beirut from around the Middle East and abroad is also contributing to ongoing growth.
'The Grand Tower, with its small to mid-size apartments, targets the middle income local Lebanese population, which constitutes a fast-expanding market segment, as well as Lebanese expatriates and GCC nationals,' said Mr. Al Zeera.
IIB's Chief Operating Officer, Mr. Salah Nooruddin, stressed IIB's commitment to a strategic approach to investing, which is based on effective portfolio diversification across different geographic markets and asset classes, rigorous due diligence and a commitment to growing the business in a sound and sustainable manner.
'Through our technical partnerships with a number of strategic financial institutions, IIB is also focused on investing in tangible assets, such as the Grand Tower, which provide a stable investment while also offering capital growth potential,' said Mr. Nooruddin.
'We have selected the Grand Tower, after having screened several opportunities in the Beirut real estate market, for several important reasons, such as its elevated site, which gives it a dominant view over Martyr's Square, the fact that it caters for mid-market buyers, and finally the track record of Iqarat Lubnan, our partner in this project, in the Beirut market, which gives us an additional comfort that the completed project will meet the expectations of our investors,' commented Mr. Mohamed Hadi Mejai, Director of Investment and Business Development.
This is the third property-related investment offering to be made by the Bank so far this year. IIB is confident that this deal will be oversubscribed, as some of its key investors have already expressed their intention to invest in the Grand Tower, as well as interest in owning one of its apartments. Earlier this year, IIB enjoyed a heavy oversubscription of its second landmark commercial tower development in the Business Bay District of Dubai.

The Bank also partnered two major institutions in the establishment of a new real estate development company in Saudi Arabia.

Other strategic investments of IIB include a significant shareholding in the European Islamic Investment Bank, the first independent Islamic investment bank which has recently received authorization from the Financial Services Authority in the UK, a stake in an independent power company that operates 13 power plants in China, Taiwan and Korea, and other diverse investments in the UK, Bahrain, Saudi Arabia, and the UAE.

IIB recently announced its 2006 first quarter net profit of US$3.54 million, which was a five-fold increase over the profit recorded for the same period last year. The Q1 2006 net profit also represented just over 50% of the 2005 full year net profit of US$7 million.

IIB's strong performance is setting the stage for an increase in the Bank's current paid-up capital of US$43 million, which is expected to take place during the second half of 2006.

Related Information:

About International Investment Bank

International Investment Bank B.S.C. (IIB) was incorporated in Bahrain in October 2003 as an Islamic investment bank, with an authorised capital of US$200 million and a paid up capital of US$43 million. The Bank's shareholders are high net worth individuals, business houses and institutions from the GCC states.

Media Contact:
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This story was posted by Anne-Birte Stensgaard, Senior News Editor
Tuesday, June 13 - 2006 at 16:58 UAE local time (GMT+4)


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i like the top part :)
Does anyone know exactly where this is? Says Overlooks Martyrs square from an elevated plot of land..and in the BCD
^^ That's a good question that I was thinking about as well. Currently the only vacant plots in the BCD overlooking Martyrs' Square are the parking lot and the Hoops area. This area is not elevated so I am still unsure.
^^ They mean,Ashrafieh for sure,it's so close to the BCD,maybe that's why they consider it part of BCD,Also the 25 million $ Cost,that's definately not the costs more than that there.But i've another Question,that project was announced prior to the last summer war(lol,we had so many :D ).Any new updates,are they still going with it ?
i hope it's still goin ahead...i realy like the design, simple but elegant.
^^ The style is nice, but I would still like to see what the facade will look like.

Hassoun, the press release says in the "central district" of Beirut, I doubt it is in Achrafiyeh.

I hope it is still being developed, there have been no indications otherwise.
OK guys - I emailed Iqarat Lubanan...the company who put the project togeather....this is there reply...anyone have a map? I emailed back asking for more renderings on this and the saifi project i see someone just started a thread for it..

The plot is on the intersection of Bechara Elkhoury Street and Damascus Road. More precisely, driving up from Martyr’s Square with the large Mosque (where Hariri is buried) on your right, the plot is the first right-hand corner AFTER the bridge (i.e. you cross under the bridge and it is first right-hand elevated corner, previously used as parking lot and currently empty). If you are familiar with ADIH’ Beirut Gate project, this plot directly faces their corner tower, located on the other (Solidere’s) side.
^^ Thank you very much for your effort.

I pinpointed out the location and I'll ask Beirut! to edit the first post and add the Google Earth map.
YAY TEAM!!! :) I aksed for an update and more renderings..Ill post if and when i get a reply:)
^^ Thanks for all the help, we really appreciate it.

If you dont mind, please inform them about SSC and ask their permission in allowing us to post them here.
Great job Amerileb, did he tell you when construction will begin or whether this tower has been approved???
^^ It has been approved according to IDAL.
Thank you1 I love this site :)waiting on a reply maybe Monday
i really like this tower... i guess it would not have been too far from the Phoenician village, hopefully they can resume their works on their project and this would really complement the rest of beiruts skylinee... great work AMErileb!
as i seen on map these area looks rendomly and old i mean the left side of bridge!!!if i was right then i think they should first replace the plots IMO
^^ That's because the right side is the BCD and the left side is the rest of Beirut, which remember was built a very long time ago with narrow streets and without modern planning.
I really like this Tower's location.Seeing a highrise on the other side of the Bridge really improve the skyline of the AREA.
Update- The developer emailed me and told me the drawings for this building are still being done. But they are taking a slow pace "given the discouraging political situation in Lebanon"...He told me he will send me some renderings when completed.
^^ Cool,so this one still in progress.that's not bad :)
Thanx for the update AmeriLEB :)
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