FFA Private Bank is pleased to announce the successful completion of a private equity placement of an approximate 86% equity stake in NAAS Bekfaya Mineral Water Company Sal. The shares have been acquired by FFA Private Bank and a group of Lebanese investors to re-launch the Company’s activity while capitalizing on its renowned brand and unique water virtues.

The vision of the new shareholders is to create one of the world’s most luxurious wellness resorts in the heart of the Lebanese mountains. The three guiding themes are luxury, ‘green’ and water in an aim to preserve the beauty and rich vegetation of the site amidst a deforesting Lebanon.  This will also allow the shareholders to benefit from the growth of the tourism industry and strong demand for wellness resorts in Lebanon and the Middle East. The goal is to attract an exclusive clientele from around the globe seeking utmost relaxation and rejuvenation in a unique setting. 

The project will be geared and developed by FFA Real Estate Sal, a fully owned subsidiary of FFA Private Bank, which thereby is providing a complete solution to create business opportunities. The estimated development costs are around USD 60 million.

FFA Private Bank, Lebanon’s leading investment bank, acted as the arranger and placement agent. It invested in the Company as part of its merchant banking activities and will continue to advise the Company on its funding needs and manage the planned IPO and re-listing of shares on the Beirut Stock Exchange.

FFA Real Estate sal, recently ranked as one of the leading Lebanese development companies, has participated in several projects in the fields of residential and touristic development, among which Foch 94, a residential building in the Beirut Central district, Badaro Gardens, a residential ‘green’ park in Beirut and Ahlam Lands, a 1.5 million m2 golf resort in the Kfardebian region.

Abou Jaoude & Associates Law Firm (“AJA”), a specialized law firm with a recognized track record in corporate finance and real estate projects, acted as the legal adviser to the transaction. AJA conducted a legal review of the target company and prepared the private placement as well as the shares sale and purchase documentation.