An official lease agreement has been signed with Warba Bank to exploit rental areas exceeding 9.7 thousand square meters Arraya Tower that will be available after the end of National Bank of Kuwait’s contract.
The company succeeded in exiting a number of local and international real estate investments, achieving profits of more than 7.5 million K.D.
Adding to the company’s success in strengthening its financial position, early payments of credit facilities for the parent company contributed to reducing finance costs in the company’s income statement.
Assima Project
the total leased areas in the commercial complex of the project totaled to 53,550 m2 by the end of 2019, accounting for 73.5% of the total leasable areas in the complex
Car parking development
The company added the first service of payment via K-NET gateway in Kuwait state at its facilities, easing the parking pay machines process through the distribution of the KNET machines at the parking exits at Salhia Commercial Complex and Arraya Commercial Centre,
also installed an automated guidance system within its parking facilities to help motorists identify vacant positions, In addition to electronic charging stations to charge electric vehicles.
The KPI portfolio continues to perform well and to benefit in revaluations under the rising market. The sale of “Washwood Heath” completed in January at over £24m and further sales activity throughout the year will result in a total sales of just over £40 million.
Assima project
During the year, the company encountered a difficult challenge, a fire occurred on the site of the Assima project on Friday 30th June 2017. The construction of the project had to stop temporarily. The company’s management coordinated with its consultants to assess the effects of the accident.Thankfully, the fire did not have any impact on the financial position of the company.
Project Rental works
Salhia was successful in completing several lettings of commercial space with both local & international companies & institutions famous and well-known internationally and locally. They include the following (Galeries Lafayette) ، (Monoprix) ، (Cinescape) ، (UFC GYM) ، (National Geographic Ultimate Explorer)
The area leased in the commercial complex is approximately 31,000 m2 representing 43% of the total lettable area.
Sahab Tower
In 2017, Salhia Real Estate Company celebrated the 20th anniversary of the Sahab Tower with 100% occupancy rate since its establishment in 1997 with its excellent services provided by Salhia Real Estate Company.
Phase 1 of the Beorma Quarter having been completed, the 108 room Adagio aparthotel has been trading very successfully over the 14 months and is already achieving a 90% occupancy rate. Two floors of the Grade II Listed Coldstore in Phase 1 are under offer with a tenant keen to be in occupation. This will significantly enhance the profile of the scheme.
Contracts have recently been exchanged at over £24m on one of the largest assets in the portfolio, with completion set for January 2017, resulting in a good profit to the company.
Dana has completed in October 2016 the refurbishment work of one of its senior residences in Bad Pyrmont, to bring this residence up to market standards to meet the current demand for spacious apartments for elderly residents. To achieve this, several small studio apartments were merged into attractive larger and spacious apartments equipped with the latest amenities and facilities for senior residents. Similar refurbishment work on the second residence will start in 2017.
the overall works were cast at the Assima project basements level and starting to rise above the ground surface level and cost a number of columns which will carry the ceiling of the first mezzanine.
the Company signed a contract with Marriott International Company for the management and exploitation of the hotel intended to be built.
During the development works of the project, the Company coordinated with the marketing consultant to lay down the final plans for the overall usages and their distribution in the project, and starting in parallel form with the execution stage in the marketing process of the big areas locations to be exploited as hypermarket, entertainment activities and cinemas.
– The sale of the Leicester Road, Rugby retail park, which completed in November, has resulted in a good profit. Further sales are programmed.
– Opening new multiscreen Vue Cinema in the heart of Farnborough town Centre.
Dana started with refurbishment works in one of its senior residences in the town of Bad Pyrmont, in order to meet the changing market demand for spacious apartments.
In 2014, Dana completed the construction of the two “Dana Lifestyle” properties with a total of 34 apartments.
Haddia commenced with the construction of the first such building in Lauenburg which is located near Hamburg, and started with the pre-construction preparations of the second building which is located in the city of Eutin close to the Baltic Sea.
– In 2012, DANA was selected among the best rated operators of nursing homes in Germany.
– The company has acquired two plots to provide affordable nursing homes for the elderly.
– The first stage of construction was completed in June 2015 on an area of 6,443 sq.m. It includes hotel apartments containing 108 rooms managed by Accor, a leading French company in the field of hotel operation. The hotel was opened in September this year.
– The new plans for the Second and Third stages of the project were approved from The council of Birmingham municipality in the UK through Salhia Investment Birmingham Limited.
Salhia Real Estate Co. through Salhia Investments (Birmingham) Ltd (SIBL), has commenced construction of Phase “1” on the Beorma Quarter
has been obtained Revised planning permission, due a change of use of part of the site for an apart-hotel occupier, Construction will take approximately 15 months and is being financed by HSBC
acquired site of just under 2 acres in the center of Birmingham
– Salhia Real Estate Company secured the necessary approvals and permits to set up the Assima Project which consists of a unique blend of commercial and investment properties located in the Sharq area with total area of 21,414 sq.m.,
– The Company laid down the cornerstone for the execution of the project in the fourth quarter of 2015, whereby the executive and technical works were entrusted to major specialized companies.
This year Salhia Real Estate Company Commemorated its 40th anniversary celebrating. Under sign “40 Years In Creating Value”
– JW Marriott Hotel- Kuwait Commemorated its 10th anniversary celebrating. The hotel also won award “the Best Luxury Business Hotel 2013” (by the World Luxury Hotel Awards), And Certificate from (Trip Advisor Certificate of Excellence) for 2013.
– Arraya Ballroom announced the unveiling of its new website at www.arrayaballroomkuwait.com
– JW Marriott is undergoing a large renovation to its contents in addition to providing high-speed wireless Internet.
– Arraya Ballroom that managed by Marriott International, underwent to a major change with a “New Level of Creativity”.
– Salhia Real Estate Company has recently signed a long lasting financial agreement in compliance with Islamic rules with one of the local banks amounted 53 million Kuwait dinar to reschedule Al Asima company debt.
Salhia Real Estate company successfully managed to raise its capital by 20% . This capital increase allowed the company to buy 50% of Al-Asima and thus be a wholly owned subsidiary.
– Salhia Real Estate Co. has completed the sale of Elephant & Castle with 50/50 joint venture company KPI for £80m in cash to Delancy and APG.
– Development and refurbishment at Farnborough town center, another significant property ownership in the portfolio
Continued advancement is being made on the mixed use town centre scheme at Farnborough, in particular , signing on a cinema operator.
KPI secured the necessary approvals to develop its property in Rugby, UK.
– KPI obtained planning consent to further develop Boughton, Leicester and Mills Road
– 18.48 Hectares of Petre Court (Accrington, UK) was sold.
– 1.62 Hectare of Petre Court was retained and developed as a business park
– Gained planning permission for Maxted Road (Hemel Hempstead, UK)
– Construction begins in Farnborough
– Trafford Park pre-sold and development commenced and completed.
Conditional planning consent was obtained by KPI for partial redevelopment of Queensmeed and Kingsmead Shopping Centre in Farnborough to create a major new mixed-use scheme on the site
The Malls (Basingstoke, UK) was purchased.
– Elephant and Castle (London, UK) was purchased.
– Purchase of Alstom portfolios including:
– Edge Lane, Openshaw (Manchester, UK)
– Vulcan Works (Newton-le-Willows, UK)
– Firth Road (Lincoln, UK)
– Ruston Works (Lincoln, UK)
– Lindum House (Lincoln, UK)
– Lichfield Road (Stafford, UK)
– St Leonard’s Road (Stafford, UK)
– Glover Street (Stafford, UK)
– Washwood Heath (Birmingham, UK)
– Stratford Road, Wolverton (Milton Keynes, UK)
– Campbell Road (Eastleigh, UK)
– Ashlawn House (Rugby, UK)
– Newbold Road (Rugby, UK)
– Boughton, Leicester and Mill Roads Industrial Estate (Rugby, UK)
– Channel Way (Preston, UK)
– St Rollox Depot (Glasgow, UK)
– Purchase of Marconi portfolios including:
– Trafford Park (Manchester, UK).
– Discovery Court (Poole, UK).
– Maxted Road (Hemel Hempstead, UK).
– Castle Works (Stafford, UK)
– Stonebridge Business Park, East Lancs (Liverpool, UK)
– The Hollies, Newport Road (Stafford, UK)
The Peterborough project comprising some 1.4 million m² of freehold land held under option is subject to a proposed planning application for rail related distribution warehousing towards the end of 2011 by the joint venture partner Gazeley Ltd, a wholly owned subsidiary of Dubai World.
Sub option granted on Peterborough options, planning is expected to commence in 2008.
Dorset Street was completed and 3 out of 4 floors let.
– Peterborough options were purchased.
– Development of Dorset Street commenced.
– Dorset Street land purchased.
– Peterborough options were purchased.
Drawbridge was established.
– Haddia created a joint-venture named “Dana Lifestyle”, a property type that covers all the needs of elderly people with full comfort but at a low budget.
– Dana Lifestylemodern properties will consistof 16-18 apartments, Haddiaplans to start construction in 2012.
– During 2011 the first property of Haddia group received the ISO 9001 certification. It is intended that further properties should receive the ISO 9001 certification during 2012 and 2013.
Several properties of Haddia received best grades under the grading system set by the health insurance companies.
Lindenhof Nursing Home was extensively modernised.
Wiesenweg Senior Residence was modernised.
Haddia built Fuenf-Seen-Allee Nursing Home.
– Appen Nursing Home was built.
– Waldstrasse Nursing home was renovated.
– Klingenberg Nursing Home was bought.
– Wiesengrund Nursing Home was built.
Buchenhof Nursing Home was bought.
– Oderblick Nursing Home was purchased.
– Lindenblick Nursing Home was bought.
Renovated Holderbusch nursing home.
– Holderbusch Nursing Home was acquired.
– Lindenhof Nursing Home was purchased.
– Fridastrasse Nursing Home purchased.
– Lister Meile Nursing Home was acquired.
– Waldstrasse Nursing home was acquired.
– Brunnenkolonnaden Senior Residence was acquired.
– Wiesenweg Senior Residence was acquired.
– Wohnen am Schloss Senior Residence was acquired.
Haddia Holding GMBH established.
Salhia acquires circa 50% stake of Al-Asima Real Estate Company, which owns Al-Asima Project.
– Arraya Tower II commenced actual operations letting 82% of the tower to a range of local and international companies.
– Salhia International Investment, Ingleby was granted a unanimous planning consent for The Beorma Quarter Project, located in Birmingham, UK.
– Salhia Real Estate Company continued finalizing the preliminary works in the Bahrain Bay project.
– Salhia International Investments, Ingleby concluded acquisition for the majority of a two-acre site in Digbeth district of Birmingham.
– Grand opening of Salhia Plaza
– Sale of 8 parcels of land in Fahed Al-Salem Street area for KD 36,550 million.
– Establishment of Al-Asima Real Estate Company with a capital of KD 80 million, through a 50/50 joint venture between Salhia Real Estate Company and The National Bank of Kuwait and its clients.
– Salhia Real Estate Company sells Al-Asima land to Al-Asima Real Estate Company for KD 115 million.
– Receive plannind consent for Al-Asima Project in July 2006.
– The Board of Directors of Salhia Real Estate Company agree to merge Haddia Holding Company with its affiliates DANA and SAREC.
– Commenced construction of Arraya Tower II.
– Completing Arraya Plaza which includes cafes, and organize family festivals and exhibitions.
– Signing of the final agreement with the National Bank of Kuwait on 14/6/2005 to serve as underwriter of the Al-Asima Project.
– Completing installation of all computer services in Arraya Tower, Marriott Courtyard and Conference Hall.
– Opening of (Plon) nursing home in Germany managed by DANA GmbH, a subsidiary of Haddia Holding Company in July 2004.
– Obtain establishment license for three cafes in the plaza area of Arraya Complex.
– Grand opening of Arraya Tower project
– Grand opening of Marriott Courtyard Hotel in Kuwait
– Establishment of Drawbridge Securities a UK joint venture, specializing in land option investments.
– Completion and opening car parking that serves Salhia Complex during the third quarter of 2003.
– Implementation of Arraya Tower and finishes procedures.
– Salhia Real Estate Company assign the hotel operation to J. W. Marriott Hotel, Le Meridien Hotel Kuwait previously.
– The Board of Directors of Salhia Real Estate Company and St. Modwens decide to increase Key Properties Investments’ capital from KD 12.1 million to KD 24.2 million.
– Relocating Salhia Real Estate Company headquarters to Salhia Complex.
– Implementation of Salhia Plaza project and car parks to serve the Salhia Complex visitors and tenants.
– Al-Asima project in planning stages.
Salhia Real Estate Company obtains official approval from all parties to commence development of the Arraya Tower project.
Approval of Arraya schemes draft.
– Salhia Real Estate Company purchases 5 lands in Sharq area, and 8 buildings in Fahed Al-Salem Street area.
– Salhia Real Estate Companys’ Board gives approval to Haddia Holding Company to purchase 2 nursing homes in Germany.
– Salhia Real Estate Company has signed a contract to participate in Thorn Hill residential development in North Carolina, United States.
– Grand opening of Al-Sahab Tower.
– Establishment of Key Property Investments , a 50/50 joint venture with St. Modwen Properties to become a gateway to Salhia Real Estate Company’s investments in the UK real estate market with a capital of 25 million Pounds Sterling on 16/5/1997.
– Completion of Al-Sahab Tower project as and becomes Salhia Real Estate Companys’ new headquarters.
– Changing Salhia Real Estate Company logo, which defines the identity of the company.
– Completion of Al-Sahab Tower projects’ internal finishes in May 1995.
– Salhia Real Estate Company has achieved good profits from investing the financial surplus available in new investment channels including SAREC – Germany.
– Commencement of Al-Sahab Tower project.
– Salhia Real Estate Company increases the ownership percentage from 62% to 93% in Haddia Holding Company – Germany.
– Establish Haddia Holding Company in Germany.
– Completion of the formal procedures to own 62% of retirement and disabled housing in Germany for Haddia Holding Company.
– Receipt of the construction permit from the Municipality for Al-Sahab Tower project and delivery of design schemes and sketches.
-Le Meridien Hotel Kuwait opens the Thuraya Hall in the 16th floor
-The Municipality approves Al-Sahab Tower development.
Commencement of operations of Salhia Complex immediately after liberation 100% occupancy over a short period of time and complete emergency repairs for the Le Meridien Hotel Kuwait and commence operations.
The Municipal Council Committee approves on land separation of Salhia Complex from Le Meridien Hotel Kuwait.
Le Meridien Hotel Kuwait signs the Hotel Union Owners updated price agreement for 5 Stars Hotels on 1/6/1988.
An independent valuer values both Salhia Complex land and Le Meridien Hotel Kuwait land for KD 59,211,988 million.
The par value of the share price has been reduced from 1 KD to 100 fils, in compliance with Trading Companies Law, Article No. 99 of the declaration No. 132 of in year 1986, therefore, number of company capital shares increased to 192,000,000.
Refurbishment of Salhia Complex and Le Meridien Hotel Kuwait.
After 5 years of leasing Salhia Complex, Salhia Real Estate Company renewed the contracts for the tenants with an increase between 20% – 60% in rent.
– The Le Meridien Hotel Kuwait signed the Hotel Union Owners standardize prices agreement on 1/10/1983.
– Agreeing a contract loan of KD 8 million for a period of seven years with the National Bank of Kuwait.
The company’s capital paid hit KD 19,200,000 million, with an increase of 60% than the previous year.
Salhia Real Estate Company appoints Mr. Fawzi Yousef Al-Nafisi as General Manager of the company, and Mr. Jawad Mohammed Barakat as a Deputy General Manager of the company.
– Obtained a formal approval from the Ministry of Trade and Industry for listing Salhia Real Estate Company in the Kuwait Stock Exchange, converting it from a private to a publicly listed company on 10/2/1980.
– Grand Opening for Le Meridien Hotel Kuwait on 15/6/1980
Grand opening of Salhia Complex in the third quarter of 1979
Increase the company’s capital from KD 5.5 million to be KD 8 million at KD 0.100 per share.
-Complete the second final capital call of KD 1.925 million to the company. Therefore, the capital of KD 5.5 million is fully paid.
-Obtain a building permit for Le Meridien Hotel Kuwait on 22/6/1977 and construction began on 1/7/1977
– Key Property Investments a UK limited company owned equally by Salhia and St Modwen Properties PLC was established.
– Queensmead and Kingsmead (Farnborough, UK) was acquired.
– Building permit from Municipal Council granted for construction of a 5 Star Hotel.
– Signed a 25 year agreement with Le Meridien Hotels to operate the hotel.
Construction begins in Salhia Complex project.
Establishment of Salhia Real Estate Company with a capital of KD 5.5 million, of which KD 3.575 was called.
