News Archive

NREC confirms the continuity of operations at Palm City Residences in Libya

15 - July - 2012

NREC, through Mediterranean Investments Holding p.l.c., one of its associates, confirms that, through Palm City Limited owner of Palm City Residences in Libya, operations at Palm City Residences have continued to improve notwithstanding the challenging period the country has been through.

Within this framework, NREC emphasizes again for all investors that, notwithstanding the immense challenges that Palm City Residences had to go through during the unrest in Libya, and thanks to the immediate action of the shareholders and the comradeship of its executives, Palm City Residences remained intact with very minimal damage.

Palm City not only managed to retain a number of units leased out under pre-conflict contracts, but has also already secured a number of leases to new clients for periods which range between 1 month and 3 years. All of this was possible thanks to the swift and collective efforts of the team at Palm City, who embarked on an immediate task to bring the property back to its pristine state. In fact today approximately 80% of the units are occupied.

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