Bahrain’s GFH confirms $1bn offer for real estate portfolio

GFH announced plans to sell its real estate portfolio earlier this year

Bahrain’s GFH said on Sunday that it had received central bank approval for the $1bn sale of its real estate portfolio to an undisclosed investor.

The company announced the sale of its real estate assets earlier this year.

GFH said the offer totalled $1bn with an expected upfront payment of $250m-$360m. The remainder is to be paid on joint development terms over five years.

The transaction is still subject to shareholder approval.

GFH said last week it had acquired a $200m sukuk from Al Rajhi Bank linked to its $700m Villamar project near Bahrain Financial Harbour.

Read: Bahrain’s GFH acquires $200m sukuk linked to Villamar project

It comprises three towers of 54, 52 and 43 storeys with a mixture of hotel and residential space.