Mubasher: Mabanee Co on Thursday announced that Avenues Company, a unit of Al Sorouh Management Company, inked a contract with Bahrain’s Ministry of Works, Municipalities Affairs and Urban Planning to lease and develop a land for 60 years.
Under the contract, the land, which is located beside the Avenues-Bahrain (phase I) project, will be leased at an average rent of BHD 367,400 ($980,400), with an escalating rate over the next ten year, Mabanee said in a statement to Kuwait Boursa.
It is worth noting that Mabanee owns a 35% stake in Avenues Company.
The agreement aims to start the work at the Avenues-Bahrain (phase II), which will add a leasable area of 38,000 square metres, in addition to the first phase of 39,000 square metres for shops and a variety of brands.