Mediterranean Investments Holding plc (MIH), a joint venture between the Corinthia Palace Hotel Company Limited and the Kuwait National Real Estate Company, has signed a shareholders agreement with the Economic Development Real Estate Company (EDREICO) of Libya for the development of a 40-storey high rise tower on Tripoli’s city centre seafront.
Set up in 2006, MIH has to date been actively engaged in the ownership and development of the Palm City Residences – a luxury, self-contained, residential village comprising 413 different sized villas and apartments on the waterfront in Janzour.
With a couple of months left to completion, Palm City has already received its first tenants and leasing of units has significantly increased over the last few months as Palm City has generated tremendous interest among foreign companies and individuals who are seeking to secure their preferred units.
As part of its real estate investment strategy, MIH has, over the last 12 months, sourced and evaluated a number of investment opportunities. Following the signing of an MOU on 21 July 2008, MIH and EDREICO have confirmed the investment strategy to jointly develop an exclusive high-rise iconic building in the heart of Tripoli’s financial and business district. Medina Tower, the name given to this high-end development, will be built on 12,500 square metres of land neighbouring other high-rise developments and face the Mediterranean Sea.
The project will comprise 180,000 square metres of construction spread over 40 floors above ground level, as well as four levels of underground parking.
The final plans for the project have been submitted to the planning authority for approval. Excavation work is scheduled to commence on site shortly once planning permission is received.
Completion date for the project has been set for December 2012.
Medina Tower is the second landmark real estate development undertaken by MIH since its inception in 2006. Backed by several years of experience of its shareholders Corinthia and National Real Estate, MIH has already succeeded in pioneering projects in Libya that have set a very high standard in this fast developing economy. MIH’s association with EDREICO, a subsidiary of the Libyan Sovereign Investment Fund, will ensure that the project is executed on a fast track basis to cater for the soaring demand for high quality office and residential accommodation.
Medina Tower will have 332 apartments for sale, 26,000m2 of office space for rent, 22,000m2 of commercial, conference and Food and Beverage facilities, and 24,000m2 of underground parking that will have up to 850 car parking spaces. The concept of a mix of retail, commercial, and residential facilities is the first of its kind in Libya.