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Corinthia about to kick off work on €300m Medina Tower

Excavation and construction will kick off in the coming weeks on Medina Tower in Libya, a mix use development on the main boulevard in the heart of Tripoli, jointly owned and developed by Mediterranean Investments Holding p.l.c. (MIH), International Hotel Investments p.l.c. (IHI) and their Libyan partners, the Economic Development and Real Estate Investment Company (EDREICO).

Estimated at a total cost of €300 million, the development will consist of residential, office, retail and leisure accommodation within a self-contained ‘vertical town’ that is expected to become the market leader in its environment by establishing itself as a neighbourhood-serving commercial centre that is also a vibrant arts, cultural and entertainment centre.

Details of the project were announced this afternoon by Corinthia Group Chairman Alfred Pisani, MIH director Joseph Fenech and the Managing Director for Medina Tower Joint Stock Company Reuben Xuereb during a press conference.

Medina Tower benefits from the expertise gained by MIH in developing large scale projects in Libya, particularly the Palm City Residences, as well as Corinthia’s 35 years experience of doing business and investing in Libya, Mr Pisani said.

Established in 2006, MIH has just completed its first project in Libya – Palm City Residences, an entire village near Tripoli that is already established as the most upmarket residential development in the country. It is already practically sold out and turning a profit.

The Medina Tower site is located on the most important thoroughfare in Tripoli and has now been fenced off for excavation to begin shortly. Specialised contractors are being engaged to employ a top-down construction method which will accelerate the construction. The construction process has been opened to international tendering and Maltese contractors and suppliers will be invited to bid, just as they were invited to bid for works at Palm City Residences.

BOND ISSUE

MIH last week announced a €30 million, 7-year bond bearing an interest rate of 7.15% per annum payable annually as from 23rd July 2011.

The bond is being issued in three currencies, Euro, Sterling or US Dollars. The Bonds are redeemable in 2017, but can be redeemed earlier at the Issuer’s option as from 2015. In the case of over-subscription, the bond issue will be increased by €10 million up to a total of €40 million.

Application forms and copies of the prospectus became available from today from authorised financial intermediaries. Subscriptions open on Monday 12th July 2010 and the offer closes on Friday 16th July or earlier if over-subscribed.

Mr Fenech said the Medina Tower project would be financed jointly by MIH, International Hotel Investments p.l.c. and EDREICO, which together will contribute €125 million as equity contribution, or 42% of the total project cost. The remaining funds would be raised by way of bank finance.

DESIGN CONCEPT

Built on a land plot measuring 11,000m², the development will span a total floor area of 200,000m² with 138, 000m² above ground and spread over 40 floors. Construction will take 44 months to complete and the first tenants are expected to move in during the first half of 2014.

The architectural concept stems from a 4-storey podium that will include a mix of residential, retail, commercial and conference and conference space. A curved tower rises from the 6th level and peaks at the 40th level, where a stunning double height restaurant will adorn the crown of this landmark building. This architectural concept embraces the neighbouring buildings while its curved lines allow each floor to enjoy unobstructed views of the Mediterranean Sea.

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