A New investment for GCC Real Estate Fund in Bahrain
Global Investment House "Global" announced today the conclusion of its latest real estate investment in the Kingdom of Bahrain, as part of its Global GCC Real Estate Fund investment strategy.
Mr. Sameer A. Al-Gharaballi, Executive Vice President at Global said that the fund has acquired Areej residential property in Jufair area in the capital city Manama, making it the second investment for the fund in Bahrain and fifth in the Gulf region.
The building is constructed on 666 sqm of land with a total built-up area of 3500 sqm. This is a furnished apartment complex consisting of a ground floor and nine typical stories.
He pointed out that the location of the building is prime and close to the well-known Al-Fateh Mosque. Areej building is also close to public schools, shopping centers and roads leading to and from the city. It is also adjacent to a public park currently utilized as a playground for kids.
Al-Gharaballi added that both Bahraini citizens and foreigners alike prefer Jufair area.
The property is currently rented to high quality tenants and it is generating a steady stream income. The anticipated Internal Rate of Return (IRR) at the end of the investment period is expected to be 16%.
Al-Gharaballi affirmed that the fund is in the process of an extensive due diligence process of another such acquisition in Kuwait and an announcement will be made very soon.
The Global GCC Real Estate Fund was launched in April 2005 with the objective of investing into development projects and income producing assets focusing on residential development assets for low-middle income end-users, and in accordance with Sharia’a Compliant Principles.
The fund aims to take advantage of the current boom in the real estate sector and the great demand for low-middle income houses in the GCC markets.