On 7 September, International Hotel Investments plc announced that Medina Towers Joint Stock Company has awarded the construction contract of the Medina Towers to Koray, a Turkish contractor. Medina Tower is a joint venture between IHI, Mediterranean Investments Holding plc and the Economic Development Real Estate Investment Company (EDREICO). The Corinthia Group companies both hold a 25% equity stake while EDREICO has a 50% shareholding.
The Medina Towers project which is expected to cost €320 million involves the development of luxury residential units, office space, a luxury spa, leisure facilities and a commercial center. The project will have a total area of 200,000 square metres spread over 40 floors above ground, and an additional four floors of underground parking which can accommodate up to 900 cars. The Medina Towers project is estimated to take 40 months to completion.
Following the announcement, the Chairman of the Corinthia Group Mr Alfred Pisani stated that “Libya has been through a challenging period last year and we had to deal with some very difficult and trying moments. We have, however, remained focused and determined to push ahead with our investment plans and we are pleased to report that the hard work and determination has now paid off as we are about to break ground on this landmark development in the heart of Tripoli”.