Emerging Investment Partners (EIP) announced its first investment in the Lebanese market, through the acquisition of a majority stake in a large real-estate project, Backyard Hazmieh.
The total project is valued at $9M excluding the costs of each outlet’s interior design EIP is acquiring 51% of the project for $4.5M.
Backyard Hazmieh, an exclusive hospitality and lifestyle project, is owned and developed by Venture Group, the same company that developed Uruguay Street, Downtown. It is scheduled to open its doors in November, 2015.
The project consists of 15 restaurants, 5 pubs, office spaces, and other amenities such as a high-end gym and well-designed kids playgrounds, in a landscaped architecture.
The complex is being built on a 7,800 sqm plot. It has a total built-up area of 4,056 spm, of which 2,108 sqm of interior space and 1,948 sqm of terraces. It includes a floor for the restaurants and offices and 2 underground parking levels.
The list of potential tenants encompasses Lina’s, Margherita Pizzeria, Roadster, Starbucks, and Urbanista.
EIP is an investment management structure established in 2014 by the Obegi Group and Generation Alfa together with Wassim Heneine and Karim Burhani. EIP’s goal is to invest in high growth, medium enterprises with regional expansion prospects in diverse sectors in the Levant, North Africa and selected African countries. The company is backed up by a pool of prominent private and institutional investors.
Backyard Hazmieh Project
|Built-up Area||7,800 sqm|
|Designers||Bernard Mallat Architects, Walid Zeidan Architects|
Source: Venture Capital Website