Gefinor sold for $100 million
ACC’s acquisition of Gefinor is a great sign of confidence, said deal maker RAMCO
The Gefinor Center has been sold to Lebanese firm, Arabian Construction Company (ACC) in a deal estimated to be worth around $100 million, according to RAMCO real estate.
"This transaction is a great sign of confidence in Lebanon’s real estate," said Raja Makarem, CEO of RAMCO, the company which evaluated the property.
Located in Clemenceau, Gefinor Center is one of Beirut’s most prominent and recognizable office buildings. Khaled Oussaimeh, a businessman of Syrian descent associated with the Saudi Al Muhaidib family, owned 49 percent of Gefinor.
Built in 1969, Gefinor Center has around 26,000 square meters of leasable space, out of which 21,000 square meters is office space. Its occupancy rate is around 90 percent.
Around 40 percent of leases are old and rent controlled and predate the 1992 rents law with annual rents well below market rates. New annual rental rates are between $300/m2 and $400/m2.
ACC’s main shareholders are Anas Mikati and Ghassan Abdallah Merhebi. The company was founded in 1967. According to its website, ACC’s 2007 turnover exceeded $1 billion.
Source: Le Commerce du Levant
Date Posted: Jun 20, 2012