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Mazaya shelves plan to acquire Tornado Tower

Mazaya shelves plan to acquire  Tornado Tower


Asif Iqbal
doha
Mazaya Qatar Real Estate Development on Thursday said that its subsidiary Granada Real Estate Investment Company has reached a final agreement with the two companies owning Tornado Company, to not proceed with its previously proposed acquisition plans.
The Tower of Tornado is one of the most important landmarks in Doha, winning many awards, most notably the"Best Tower in the Middle East and Africa"in 2009, coinciding with the same year the project was completed.
The tower is classified as a commercial first class building with an area of more than 12,000 square meters and a rental area of more than 57,000 square meters distributed on a ground floor and mezzanine plus 51 floors.
"Granada and the two companies owning the Tornado Company have mutually agreed and have taken a final decision not to proceed with the acquisition,"Mazaya said in a statement to the Qatar Stock Exchange (QSE).
In April, Granada said it was looking to acquire the Tornado Company, the owner of Tornado Tower located in the West Bay area.
Mazaya in April had also said that if the company acquired the tower, the deal would have increased the assets of Mazaya Qatar, which currently stands at more than QR2 billion.
The value of the deal for the proposed acquisition was never disclosed. However, a source in Mazaya Qatar had said the acquisition would result in positive increase in profits, assets and strengthen the stability of the company domestically and strengthen it regionally.
The Tornado Tower has several amenities, including parking, with three underground parking spaces, 1,510 parking spaces for the leased staff, and 116 parking spaces for guests and visitors. The land adjacent to the tower is rented for parking.
The tower also has local and international restaurants and cafes serving the staff working in the tower and the surrounding area, as well as a fitness room equipped with state-of-the-art sports equipment with a magnificent view overlooking the Doha Corniche.
The tower is equipped with the safest and latest technology used in elevators. The roof of the tower also contains a helicopter landing pad where it can be used for emergencies and normal situations.

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