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Wind Tower, commercial building in Bahrain |
The Arabian Real Estate Investment Trust (AREIT), the first real estate investment trust to be established in the GCC, has acquired the 11-storey Wind Tower located at Diplomatic Area in Bahrain. The Wind Tower is a land-mark commercial building that comprises of 65,000 sq ft of office and 2,500 sq ft of retail space. The construction of the building was completed in 2006.
Stephen Atkinson, CEO, AREIT, "The acquisition of Wind Tower represents a further step towards our expansion within the GCC and is an excellent addition to our portfolio".
The primary focus of AREIT is investing in developed and specialized properties in prime locations throughout the GCC. In July 2007, AREIT completed the first commercial mortgage-backed securitization (CMBS) transaction in the Middle East with senior notes rated Aa3 by Moody's and AA- by Fitch Ratings.
