MANAMA: Baytik Industrial Oasis Company (BIO), the only modular industrial leasing complex in Bahrain, expanded the space it lets to one of its key tenants, MRS Fashions (MRS), by 2,200-square-metres, a 22% increase over the 9,600 sqm leased under the previous agreement.
The new deal paves the way for MRS, part of Hong Kong-based Must Garment Corporation Ltd., to grow its operations and increase the benefits it receives from its location at BIO, which include access to high quality manufacturing space, low upfront investment costs, and close proximity to the Khalifa bin Salman Port and Bahrain International Airport. Established in Bahrain in 2000, MRS is a high quality apparel manufacturer, which currently employs approximately 1,800 staff members, and exports goods to several major international fashion labels in the US.
The agreement was signed between BIO Chairman, Osama A. Al Khajah and MRS Executive Director, Harinder Lamba in the presence of senior officials, as well as representatives from CBRE, BIO’s exclusive leasing agent. It enlarges the scope of a long-term lease signed by the two companies in mid-2013, and increases the number of purpose built light manufacturing units leased by BIO to MRS from four to five, equating to an occupancy proportion of 21% of BIO’s 24 leasable manufacturing units.
“MRS is happy to strengthen our partnership with BIO, which has helped us rapidly grow our operations in Bahrain. The expanding of our lease agreement will allow us to increase our production and further contribute to the Kingdom’s economy,” Lamba, said.
“BIO is pleased to sign this lease agreement with MRS and to be an important factor in the successful growth and expansion of our clients’ businesses. The units at BIO are in high demand as multinationals see BIO as an easy gateway to Bahrain and the Gulf, while companies with existing operations in the Kingdom use it as a way of expanding their factory space quickly and with minimal investment,” Al Khajah said. Negotiations are continuing with several potential tenants, which could see BIO’s remaining units let out soon.