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