Naseej BSC (c) acquires residential tower in Juffair

Manama, Kingdom of Bahrain: Naseej BSC (c) announced today that it has signed an agreement to acquire a 24 story, luxury residential tower in Juffair, known as Cielo Tower. The agreement was signed by both parties by Naseej's General Manager, Mr. Ahmed Al Hammadi and Executive Director of Alghanah Contracting Bahrain Mr. Mohamed Alghanah along with other senior management officials at Naseej's headquarters at the Bahrain Financial Harbour.

This recent deal comes in line with Naseej's new initiatives for acquiring high end, income generating properties in Bahrain that present excellent yields backed with high occupancy rates.  

The acquired apartment block, Cielo Tower, is located in a strategic area in the newly developed part of Juffair which is easily accessible from the Shaikh Isa bin Salman main highway that also links to Prince Khalifa bin Salman Bridge to Hidd. The tower is built on an area of 754 square meters and has a built up area of over 12,533 square meters. The apartment block include 73 units of one-bedroom and two-bedroom apartments offered on a rental basis to tenants/occupants. The building also features a wide range of services and amenities to tenants that include, a gym, rooftop pool, club house, and many other residential features. The apartment block is within walking distance to Juffair's main retail centers and numerous shopping plazas, which presents significant demand for residential spaces in that area to Bahrainis and GCC nationals.

Mr. Al Hammadi noted, "We are very pleased to reveal our latest agreement with Alghanah Contracting to acquire Cielo Tower in Juffair and we believe that this deal is a positive step towards strengthening our financial position and diversifying our investment portfolio.

Speaking on behalf of Alghanah Contracting, Mr. Mohammed Alghanah said, "We are pleased to announce our recent deal with Naseej and we are confident that the acquisition of this property will offer excellent income yields to Naseej and look forward to future ventures.