Manama: Bahrain-based Inovest Group has sold its ownership stake in Tala Property Development through a share purchase contract with Ossis.
Under the terms of the agreement, Inovest’s 60 per cent stake holding in the project has been transferred to Ossis, for a transaction value of approximately $7.7 million.
With this, Ossis has secured complete ownership of Tala Island.
Inovest said the decision to exit the project comes after it achieved its objectives, having completed the development in 2007, selling 100pc of the residences, and managing its facilities and operations till date.
Tala Island is a $120m cosmopolitan community development, located at the heart of Amwaj Islands and covers an area of 110,000 sqm.
It was developed by Inovest’s real estate and development arm, Tameer in collaboration with Ossis in 2005 and was completed in 2007. The project comprises 85 beach front villas and 590 apartments built in a Spanish-Mediterranean style.
The development hosts private swimming pools, a health club and sports centre, tennis courts, restaurants and a bustling retail area.
The divestment proceeds have been anticipated in the group’s first quarter 2016 financial results and are part of the strategy towards the sale and exit of legacy investments.