|17 July, 2019

Bahrain's GFH acquires $100mln property portfolio in US

Total real estate transactions volume executed by GFH in the U.S. and U.K. over the last few years has crossed $1 billion mark

Junction of Bahrain Financial Harbour in Manama March 14, 2011. Image for illustrative purposes.

Junction of Bahrain Financial Harbour in Manama March 14, 2011. Image for illustrative purposes.

REUTERS/Hamad I Mohammed/Files

Bahrain-based investment bank, GFH Financial Group has acquired a portfolio of office buildings in the US through its subsidiary GFH Capital, in a deal valued more than $100 million.

With the completion of this deal, the total U.S. and U.K. real estate transactions volume executed by GFH over the last few years has crossed $1 billion mark.

GFH Capital bought Tech Offices Portfolio in partnership with Global Mutual, a fast growing real estate investment management company in the U.S., the U.K. and Europe operating over £1.5 billion (6.84 billion dirhams) of assets under management, the group said in a statement. 

Tech Offices Portfolio consists of five income yielding buildings located in Research Triangle Park, a dedicated scientific research park in North Carolina.

“Tech Offices Portfolio is well positioned to deliver robust, in-place, stabilized cash flows driven by a solid roster of several credit rated tenants and benefits from unparalleled proximity to the primary economic drivers in the Triangle region,” Hisham Alrayes, CEO of GFH Financial Group said.

Research Triangle Park features more than 250 companies and 50,000 professionals within 22.5 million square feet of built-out space. Arcadia Management Group, an affiliate of Global Mutual, will act as property manager for the portfolio, the statement said. 

"This continued ability to identify asset in fast-growing markets with tenants in recession resistant industries will allow us to deliver value to our investors," Alrayes said. 

GFH Financial Group acquired London Westside Office Business Park in January 2019. The complex comprises four Class A office buildings with approximately 200,000 sq. ft. of contemporary office space

Its net profit for the first quarter of the year fell 41.4 percent due to lower contribution from the group’s commercial banking arm

(Writing by Seban Scaria; editing by Mily Chakrabarty)

(seban.scaria@refinitiv.com)

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