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26 Jan 2011 10:59
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European Islamic Investment Bank plc
("EIIB")
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Corporate Transaction
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26 January 2011
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EIIB is pleased to announce that it has completed, through its wholly owned subsidiary EIIB Invest Co, the acquisition of an interest in a real estate investment vehicle, the principal project of which is in Bodrum, Turkey, and known as Carian Bay. Carian Bay is a luxury hospitality and residential waterfront development on the Bodrum Peninsula, which is widely regarded as the most high profile tourism destination in Turkey. The interest has been acquired from Unicorn Investment Bank for total consideration valued at USD3,894,240. It gives EIIB the right to substantially manage the project and the ability to generate annual management fees.
The acquisition represents an opportunistic investment banking transaction for EIIB whilst also being, in accordance with its new strategy, in one of its key target countries in Islamic markets. It also provides EIIB with valuable real estate development and investment capabilities in Turkey from which it can service Turkey and, in due course, the wider Middle East and North Africa region and other Islamic markets.
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EIIB Subhi Benkhadra, Chief Executive Officer Keith McLeod, Finance Director and Deputy Chief Executive Officer Β | +44 20 7847 9900 |
Arbuthnot Securities Nick Tulloch, Ben Wells Β | +44 20 7012 2000 |
Fishburn Hedges Michelle James, Andrew Marshall Β | +44 20 7839 4321 |
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