TAIB ACQUIRES AN $18.8 MILLION
APARTMENT COMPLEX


Bahrain based TAIB Bank E.C., announced that it has completed the acquisition of a $18.8 million apartment complex in Florida.

TAM Real Estate Florida, Inc., a subsidiary of TAIB Bank acquired an apartment complex through one of its subsidiaries. The apartment complex "Spring House Apartments" consists of ten multi-family apartment buildings totaling 300 units located in Florida U.S.A.  Moreover, due to its property management expertise, TAM Real Estate Florida, Inc. will also manage the apartment center. Financing is provided by a leading U.S. financial institution and placed the quasi-equity largely with a group of investors from the GCC.

Mr. Iqbal G. Mamdani, TAIB Vice Chairman and Chief Executive Officer said: "The Residential Portfolio is a very attractive investment opportunity for investors to secure leverage and realize above market rate of return. The property is located in Tamarac south Florida metropolitan area and has an average occupancy rate of over 99%, which is considerably higher than the national average. With this acquisition TAIB Subsidiaries will be owning and managing about 1,500 apartment units, largely in the Florida market".

TAIB Bank E.C., an international investment and merchant bank based in Bahrain and listed on the Bahrain Stock Exchange, pursues business activities in the regional markets of the Gulf, the Indian Subcontinent, Turkey and Central Asia. In the last six years, TAIB has successfully completed acquisition of real estate holdings within the United States and United Kingdom, valued at approximately US$ 300 million.

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For more information, please contact the press coordinator:
Mr. Ali Khunji (Tel: 533334, Fax: 533174), e-mail:  a_khunji@taib.com