Bahrain Real Estate Investment Company (Edamah), the property development arm of the sovereign wealth fund of the Kingdom of Bahrain, has announced that it is going to acquire over one third (36.6% precisely) of the shares of Bahrain Car Parks Company, a Bahrain Bourse-listed company that works in developing and building car parking spaces.
The transaction will be the newest step for Edamah towards achieving its strategy of diversifying its portfolio, building new projects, and renovating old ones to meet the needs of all the segments of Bahrain’s property market including local home buyers, local and international investors and tourists to help boost the real estate market of Bahrain overall.
In his comment on the announced acquisition, Mr. Amin Al Arrayed, CEO of Edamah expressed his pleasure to work with publicly listed entities like Bahrain Car Parks Company to help raise the quality standards of the services offered in the Kingdom of Bahrain.
Alarrayed added that acquiring 36% of the shares of Bahrain Car Parks Company reflects Edamah’s commitment to diversify its real estate projects and build a unique portfolio to keep its brand as one of the top developers in Bahrain.
It is worth mentioning that, earlier this year, Edamah has announced it will be participating as a strategic sponsor of the upcoming edition of Gulf Property Show which will take place within two weeks from now from April 23 – April 25 in Bahrain International Exhibition and Convention Center.