MBI International invests over Euro1bn in two towers in Levallois-Perret

'Les Tours de Levallois': Two towers - 38 floors - 164m high with a common base of 2 levels from the ground floor.

The signing of the agreement between MBI's Chairman Sheikh Mohamed Bin Issa Al Jaber and Levallois-Perret's Mayor Mr Patrick Balkany took place, June 30th at the Town Hall, in the presence of Mrs Christine Lagarde, Minister of Economy and Finances, and of Mr Patrick Devedjan, President of the Hauts de Seine General Counsel.

This project is one of the most important investments for the next 10 years in the Parisian inner-city suburbs. It is located on the banks of the Seine river and will comprise around 85,000 sqm of office space; a 400 rooms luxury hotel (35 000 sq m2) owned and managed by JJW Hotels, with a VIP restaurant, a pool and a SPA; and a 6 floors parking garage accommodating over 1400 cars. The total net area of the project is 125 000 sqm.

Sheikh Mohamed Bin Issa Al Jaber, Founder, Chairman and CEO of MBI International & Partners comments:

"MBI is focusing its expansion at the luxury end of the real estate business. This investment comes to crown 20 years of business presence in France. It will not be the last as we will continue to expand in the business and hospitality sectors of this country."

This major investment demonstrates the strength of MBI International and their ability to identify quality assets in growing areas of the capital.

On the other hand, Mayor Patrick Balkany applauded this business venture and said: "Sheikh Mohamed in Issa Al Jaber, known as a philanthropic and a successful businessman is considered today a major player in the French hospitality and business sectors, with a strong track record that is based on 20 years of continuous achievement in Europe, we are confident that "Les Tours De Levallois" will soon become another iconic and prestigious development that will boost the surrounding area and position itself as a major development in the French Capital".

MBI International selected the renowned architects Pierre Epstein and Sylvain Glairman to design the project, that has already achieved planning permission, and that should be delivered by end 2012.

As with all of its new build projects, the towers will be of High Environmental Quality (HEQ) which includes lower energy consumption, limiting waste and rationalizing maintenance. Levallois-Perret is a thriving economic district which is near La Defense, a major business center and easily accessible from Parisian airports, train stations and motorways.

The proximity of Levallois to the French capital is a great business advantage. Levallois is today the chosen spot for over 3 500 business leaders including L'Oréal, Carrefour, Alstom, and BASF. Just minutes from the Champs Elysées and La Defense business district, the location offers a building surface area impossible to attain within the Paris city limits: the Tours de Levallois promises to be a pioneering project unique in the heart of Europe.

To sustain this project, MBI would lean on its traditional financial partners such as BNP Paribas, JP Morgan, Merryl Lynch, Deutsche Bank and Standard Bank.