At the heart of Lebanon’s capital, Beirut Central District (BCD) is an area thousands of years old, traditionally a focus of business, finance, culture and leisure. Its reconstruction constitutes one of the most ambitious contemporary urban developments.
Solidere, The Lebanese Company for the Development and Reconstruction of Beirut Central District s.a.l., was incorporated as a Lebanese joint-stock company on May 5, 1994.
Its business is the reconstruction and development of Beirut city center. Providing a broad range of quality land and real estate development activities and services, Solidere combines the business independence and acumen of a private company with global vision and a sense of public service.
Solidere's role is manifold; land developer, real estate developer, property owner, property and services manager and operator. The Company is establishing a solid base for prosperity in the city center through its value-added activities.
In addition to managing its own property portfolio, Solidere is offering Beirut city center property owners the marketing of their properties, followed by their management and maintenance. Solidere is also geared to provide management services for infrastructure, marinas, public utilities, car parks and landscaped open areas, after handing over to the public authorities.
Solidere is able to attract some of the best people in their fields. As one of the Company's strengths, its core management team:
- Includes specialists with international experience.
- Draws on a range of disciplines including urban planning, development, finance, marketing and sales.
- May outsource advice, procurement and funding.
- Combines visionary strategic planning with abilities for identifying business opportunities and for structuring and closing complex deals.
Solidere shares trade on the Beirut Stock Exchange and its GDRs on the London Stock Exchange.
The devastation wreaked by the 1975-1990 Lebanon war put a heavy burden on the State. Beirut Central District (BCD) was one of the worst hit areas and the prospects of its rehabilitation were initially marred by inadequate resources, absenteeism and entangled property rights. An innovative legal and institutional framework has enabled its reconstruction to proceed without recourse to public funds, through a private development corporation, Solidere.
Solidere's incorporation was based on legislation formulated for the reconstruction of severely war-damaged areas through the creation of real estate companies, subject to a duly approved master plan.
The Company was capitalized with contributions in kind, consisting of rights in the property lots falling within the prewar city center, and of cash subscriptions. Right holders were identified, their contributions in kind appraised and distributed by judicial committees, and they were issued A shares, while subscribers to the initial private offering were issued B shares. They were also allowed to recuperate retained built lots subject to strict restoration conditions. Corresponding shares were relinquished and reverted to Solidere. Against financing and construction of the infrastructure and public domain for the entire BCD on behalf of the State, Solidere was granted ownership of 291,800 sq m of development land in the New Waterfront District.