Tripoli high-rise agreement

Corinthia Group subsidiary Mediterranean Investments Holding plc has signed an agreement with Libya's Economic Development Real Estate Company for the development of Medina Tower, a 40-storey residential and commercial building on Tripoli's seafront.

Applications for planning permission have been filed.

According to an MIH announcement on the Stock Exchange on Tuesday, MIH will inject €26 million as it share capital contribution to the 50:50 joint venture company, Medina Tower Ltd, which will own the land.

Medina Tower will boast 336 apartments for sale, 26,000 square metres of office space for rent, 22,000 square metres of commercial, conference and food and beverage facilities, and 24,000 square metres of underground parking to accommodate 850 vehicles.

It will occupy an already cleared footprint of 12,500 square metres close to Corinthia's five-star Bab Africa Hotel.