The Bahrain-based private bank TAIB Bank B.S.C. recently announced that it successfully withdrew from its US real estate investment in the state of Florida.
TAIB Bank paid an exit price of $51.7 million to exit the investment in the 219,456 square foot South Dade Shopping Center, according to Khaleej Times.
The community shopping center is located in Miami-Dade County, Florida, US, and features major American chains such as the Publix supermarket, Bed, Bath & Beyond and Petco. The exit price represents an increase of 26 per cent over the purchase price of approximately $41 million in 2004. This transaction brings the total exit value for 2006 to in excess of $608 million, with over $100 million realized for co-investors.
TAIB's partner had been Woolbright Development Inc, a Florida-based real estate investment firm. "This investment once again proves that our partnership approach is sound", said Iqbal Mamdani, TAIB's Vice-Chairman and Chief Executive Officer.
"Aligning with niche specialists who complement our strengths and also co-invest creates balance and increased opportunity," added Mamdani. "Naturally, it also gives us a strategic advantage," concluded Mamdani.
