Addax commences subscription to its Middle East North Africa Serviced Residence Company
Addax, the Middle East investment bank based in Bahrain, will be inviting a select group of investors to participate in its first phase of capital fund raising for Middle East North Africa (MENA) Serviced Residence Company, a holding company set up to acquire and develop at least 15 properties to be managed by The Ascott Group (Ascott) across the MENA region by 2010.
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| Yousef Al Essa, General Manager, Addax Investment Bank |
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The initial capital fund raised in the first phase will be US$100 million. This is part of the US$1 billion fund which Addax will set up and manage to finance the acquisition and development of the properties. The fund will be used to acquire properties with initial focus in Bahrain, the United Arab Emirates, Qatar, Kuwait and Saudi Arabia. The first property is targeted to be operational in 2007.
Yousef Al-Essa, Chief Executive Officer, Addax Investment Bank said,
'We are excited about moving our partnership with Ascott forward. Throughout recent months, international agents have visited the region and have seen the ever-increasing investment potential, especially in the real estate and hospitality sector. Now, more than ever, there is a push for heavy investing in this region and Addax, given its increasing track record in hospitality offerings, is poised to be at the forefront of this trend.'
Saleh Al- Nashwan, Head of Investment Placement at Addax Investment Bank added, 'The serviced residence sector has tremendous growth potential, particularly in the
GCC region. Ascott having heavy experience has established itself as the largest international serviced residence owner-operator outside North America. We are looking forward to working with Ascott to maximise investor potential.'
'The influx of business visitors and expatriates to the Middle East and North Africa has created demand for quality serviced residences. As a pioneer in serviced residence in Asia Pacific, Ascott has in-depth knowledge of the industry, well-established global infrastructure and proven expertise in managing serviced residences globally. Together with our partner, Addax Investment Bank, we will be tapping on the favourable economic and market conditions to provide premium serviced residences in the region,' said Yip Hoong Mun, Chief Executive Officer, Asia Pacific/Middle East, concurrently Chief Product & Operations Officer, The Ascott Group.
Log in to request more information from Addax Investment Bank
Notes and media contacts
For further information, please contact:
For Addax:
Mona Akhtarzadeh
TEL: +973 17 535 246
For The Ascott Group:
Joan Tan, Manager, Corporate Communications
Tel: (65) 6586 0474
About Addax Investment Bank
Addax Investment Bank has an authorised capital of US$100 million and is regulated by the Bahrain Monetary Agency (BMA). The Bank was formed in 2003 and has been involved in a number of high profile deals in the region.
Addax Investment Bank's landmark deals include: participation with Dubai International Capital and other lead investors in creating JD Capital, a US$300 million (approximately) company targeting investment opportunities in Jordan. Additionally, Addax Investment Bank has launched a US$1 billion investment fund in collaboration with The Ascott Group of Singapore, to acquire and manage a chain of serviced residences throughout the Middle East and North Africa.
Addax is fast gaining a reputation for launching innovative and unique deals in the Middle East region.
About The Ascott Group
The Ascott Group is a leading international serviced residence company with close to 16,000 serviced residence units in key cities of Asia Pacific, Europe and the Middle East.
Ascott's global presence spans 43 cities in 17 countries. These include London, Paris, Brussels, Berlin and Barcelona in Europe; Singapore, Bangkok, Pattaya, Hanoi, Kuala Lumpur, Tokyo, Seoul, Shanghai, Beijing, Xi'an and Hong Kong in Asia; Sydney, Melbourne and Auckland in Australia / New Zealand as well as Dubai in the Middle East.
Headquartered in Singapore, The Ascott Group pioneered Asia Pacific's first branded luxury serviced residence in 1984. The Group also established the world's first pan-Asian serviced residence real estate investment trust, Ascott Residence Trust in 2006. Today, Ascott boasts a 21-year industry track record and serviced residence brands that enjoy recognition worldwide.
The Group operates three brands - The Ascott, Somerset and Citadines. Its achievements have been recognised internationally; it has clinched numerous prestigious awards including the 2006 'China's Top 100 Serviced Apartments' award, Korea Times' 'Best International Serviced Residence Brand' award, the 'Highly Commended Deluxe Accommodation' award at the 2005 Tasmanian Tourism Awards, 'Best Accommodation' at the 2005 World Travel Awards, TTG Asia Media's 2005 'Best Serviced Residence Operator' award, and the Business Traveller Asia Pacific's 2005 'Best Serviced Residence Brand' and 'Best Serviced Residence' awards.
For a full list of awards, please visit : http://www.the-ascott.com/AboutUs/awards.asp
Listed on the mainboard of the Singapore Exchange, Ascott is the serviced residence arm of CapitaLand Limited, one of Asia's largest listed property companies. Headquartered in Singapore, the multinational company's core businesses in property, hospitality and real estate financial services are focused in gateway cities in Asia Pacific, Europe and the Middle East. Its property and hospitality portfolio spans more than 70 cities in 18 countries.
For reservations on Ascott properties, call Central Reservations on (65) 6272-7272 or visit www.the-ascott.com
Posted by Lara Lynn Golden, News EditorSaturday, April 29 - 2006 at 16:40 UAE local time (GMT+4)
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This Article was updated on Sunday, September 17 - 2006
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