Dubai-listed GFH Financial acquires mall in Bahrain leased to Lulu Hypermarkets

Firm eyes higher returns for Group with new retail asset

  
Bahraini traders are pictured in Bahrain Bourse in Manama, Bahrain, November 5, 2020. Image used for illustrated purpose

Bahraini traders are pictured in Bahrain Bourse in Manama, Bahrain, November 5, 2020. Image used for illustrated purpose

REUTERS/Hamad I Mohammed

GFH Financial Group has acquired a shopping mall in Bahrain for an undisclosed amount. The mall is fully leased to retail giant Lulu Hypermarkets.

The announcement comes just barely a month after the Bahrain-based firm acquired Amazon warehouses in Spain for $77 million.

“[The company] would like to announce that it has acquired 80 percent alongside the stake of a strategic partner of Hidd Mall,” GFH said in a statement to the Dubai Financial Market (DFM), where its shares trade.

“The investment is expected to reflect positively on the [firm’s] financials and increase the returns for the Group,” GFH said.

GFH currently has $12 billion in assets and funds under management across a range of industries and sectors globally. In addition to Hidd Mall, the firm’s retail investments include Events Mall in Jeddah and lifestyle discount firm The Entertainer.

Newly acquired asset

The 46,000-square-metre Hidd Mall is located in a fast-growing area in Muharraq, Bahrain. It is fully leased to LuLu Hypermarkets, one of the largest retail chains in the Middle East and Asia.

It currently boasts 100 percent occupancy, with LuLu sub-leasing the space to a diverse range of multinational, regional and local tenants.

(Reporting by Cleofe Maceda; editing by Seban Scaria)

Cleofe.maceda@refinitiv.com

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