Magma Square

completed

The project, Magma Square, is a multi-functional shopping center in Sulaimaniya in the Kurdistan region of Iraq with cost estimated at US$26.6 million including IFC financing in form of an A loan of up to US$ 9 million. The project is planned on 20,000 m2 of land having built up area of 31,200 m2 with total gross leasable area (GLA) of 17,500 m2 (87% of the total allocated land) and parking lot for 580 cars on 5,500 m2. Landscaping and public circulation covers 7,855 m2. Magma Square will feature multiple food and beverage concepts with reputable brand names on an international and regional scale as well as a selection of retail shops ranging from convenience items to medicine, printing, stationary, accessories, and technology related products. In addition to a movie theatre, the project includes a branded supermarket and a full fledge health and beauty centre. The Project’s Sponsor is Malia Holding (Malia) - a well-diversified Lebanese conglomerate with operations in Lebanon and Iraq. Project Borrower and implementing entity is Malia Invest Holding (Malia Invest or Company) which is a fully owned subsidiary of Malia Holding. Malia Invest is an existing IFC client in good standing for two portfolio hotel projects in Erbil – Hotel Erbil (ID # 28566) and Arjaan Erbil (ID # 32451). The project will be developed by CAPLINE and managed by MAGMALINE (a full-service facility and property management company) both subsidiaries of Malia Group.The project land owner, the American University of Iraq - Sulaimani (AUIS), have gone into a 25 years land occupancy/BOT contract to plan, construct and operate the project. The project site is well-located at the main gate of the American University and facing the main entrance of the Sulaymaniyah University (another large university). The project has a direct access to the main city highway road.The project is in final construction phase, with all civil, electrical and mechanical works completed, and soft opening is set for last quarter of 2018. The project did not require any resettlement or expropriation and is expected to have limited environmental and social impacts, which can be easily mitigated.