Kuwait International Bank (KIB) said it has successfully sold four state properties at a public auction organised by the bank last week.

A total of 15 properties (vacant land) owned by the Kuwait Investment Authority were put up for sale at the auction held at Safir International Hotel in Kuwait.

Of these sold plots,, three were vacant private properties overlooking a side street in Fintas area of Kuwait, while the fourth property was located in Oqaila.

Yousef Al-Ajeel, the head of the property management department at KIB, said: "The public auctions were held as per the request of property owners, in line with real estate conditions and requirements. All the 4 properties were sold off after completing necessary legal procedures and sales transactions."

The KIB's property management department manages a large number of commercial complexes, residential buildings, as well as private properties owned by customers, and both the public and private sectors.

The unit also offers legal services to advise clients on property transactions and resolve legal disputes related to the property; accounting services to prepare financial statements and accounting reports; and rent collection services to collect rent on behalf of property owners and provide online payment services.

Services also include holding public auctions at the request of property owners, in line with local real estate laws and regulations, he added.-TradeArabia News Service