On 14 July Mediterranean Investments Holding plc announced the signing of a shareholders’ agreement with the Economic Development Real Estate Company of Libya for the development of a 40-storey high-rise tower on the seafront in central Tripoli, Libya to be named Medina Tower. The Corinthia Group subsidiary announced that they successfully concluded the agreement in the face of international competition.
Medina Tower will be constructed over 12,500 square metres of land adjacent to other high-rise developments. The project will comprise 180,000 square metres of floor space spread over 40 floors above ground level and four levels of underground parking. Furthermore, the development will feature 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 together with 24,000 square metres of underground parking that will cater for up to 850 car parking spaces.
MIH announced that it will inject €26 million as its share capital contribution into Medina Tower Ltd. This new company will be jointly owned by MIH and the Economic Development Real Estate Company. Discussions are reportedly already underway with contractors for the construction of the foundations expected to commence in the coming weeks. MIH concluded by stating that the application has been made for the necessary planning permits following which a valuation will be made available to the public.