Ibdar Bank (Ibdar), the Bahrain-based wholesale Islamic investment bank, has announced its exit from four Bahrain-based real estate investments for a total value of $21.67 million.

The first two exits consist of the sale of two 11-story buildings acquired by the bank for total consideration of $12.07 million. The first is a 64-apartment fully furnished building located in Manama and the other consists of 38-fully furnished apartments in Busaiteen.

The other two exits consist of the sale of the bank’s affiliate company’s 11-story and 10-story properties located in the Juffair area. The properties consist of 83 fully furnished apartments in total and supporting convenience, leisure and parking facilities, which were sold for a total consideration of $9.6 million.

Ahmed Al-Rayes, acting CEO of Ibdar Bank, said: “We are pleased to announce additional profitable exits from investments made by the bank in prime Bahraini real estate. Both as a regional and global property investor, we continue to demonstrate a sound and consistent track record of identifying compelling investments. These exits are also in line with the bank’s strategy to pursue the sale of legacy assets in order to recycle capital and enable the bank to further diversify its real estate portfolio across geographies.”

Ibdar Bank, active in private equity in the GCC and MENA markets as well as in the regional and global real estate, has extensive experience in sectors including aviation, infrastructure, oil and gas, maritime and retail, among others.

It recently announced a number of investments and exits in real estate and in financing and leasing.

Currently, Ibdar has a strong pipeline of opportunities under evaluation in real estate and other areas that build on growth in consumer patterns across its markets of focus and in industries where its experience and knowledge support solid returns.