Acquisition of Diversified US Residential Portfolio
Press release
Al Bawaba
GFH would like to notify its shareholders and the markets about the acquisition of two multi-family residential properties in Houston, as part of the Diversified US Residential Portfolio, which the bank has recently agreed to acquire.
The Portfolio will consist of two multi-family residential properties in Houston and one in Atlanta, with an overall occupancy of c94% and nearly 1300 apartments. The properties have been selected due to their proximity to large and growing infrastructure assets in the respective cities and are expected to benefit from the economic recovery in the US.
The Portfolio will be offered to GFH clients with an expected average yield of 9% per annum and maturity of 5 years. The total size of the assets is USD 75m.
The transaction is expected to positively impact GFH results for Q3 and Q4.
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Background Information
Gulf Finance House
GFH is a well renowned financial group in the GCC region, with a diversified offering and pioneering track record. Headquartered in Bahrain, GFH’s innovative approach to Islamic investment banking services has been recognised internationally for over a decade. GFH has developed a strong and consistent ability to identify, successfully bring to market and capitalise on a wide range of solid investment opportunities in some of the world’s most dynamic markets and sectors. This approach signifies the Group’s investment insights and commitment to increase the value of its assets, and financial returns to its investors and shareholders.
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