Debub Global Bank Buys Six Housing Units


Debub Global Bank Buys Six Housing Units

Debub Global Bank bought six commercial housing units from the Addis Abeba Housing Development Corporation for close to 93.5 million Br. The units are sited in Bole Ayat, Bole Bulbula, and Ihil Nigd areas and were built under the middle-income housing schemes. It bought the housing units after winning a bid for the transfer of the houses. The higher value the Bank paid was 24 million Br for a housing unit that rests on 176Sqm in Bole Bulbula. The lowest value, 8.6 million Br, was paid for a 153.1Sqm housing unit in Bole Arabsa. The Bank announced that once it has completed the handover process and any necessary construction work, it will use some of the sites to open branches and rent the others out as a means of generating income. The Bank also previously completed a similar transaction of 13 million Br for a unit in the Addisu Gebeya area. It is now using the site as a branch office where it also houses a data centre. It now owns seven housing units. Debub Global Bank registered 292 million Br in profit over the last fiscal year and currently employs over 1,800 people.


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