Wednesday 12 December 2018

GFH Capital sells prime US property for $43m

MANAMA, September 14, 2017

GFH Capital, a subsidiary of Bahrain-based GFH Financial Group (GFH), said it has successfully completed the sale of one of the properties in its diversified US residential portfolio in Atlanta for $43.45 million.

The portfolio has been acquired three years back, said a statement from the company.

The Atlanta-based asset, a Class A property, comprises 19 three-storey luxury residential buildings with 306 units. The sale was completed through an open market bidding process with the portfolio attracting strong investor interest and demand, it added.

Supporting the strong sale price is the asset’s strategic location just three miles west of the Atlanta-Hartsfield International Airport and its close proximity to a range of community, shopping and entertainment facilities, said the statement.

On the deal, senior executive officer Luay Ahmadi said: "GFH Capital is proud to announce this successful exit for the group and our investors. GFH have kept a close eye on the market since our acquisition in 2014 in order to ensure capitalising on the most opportune time to exit."

"Over last three years, GFH has proven its ability to effectively source unique transactions and exit transactions, delivering promised returns to our investors," noted Ahmadi.

"We saw strong prospects for the US real estate sector across multi asset classes and continue to have a robust pipeline. GFH remains focused on identifying similar new opportunities in the market and increase the size of the assets under management," he added.

According to GFH, the transaction is expected to have a positive impact on its financial results for the third quarter including a gain of 13.6 per cent. -TradeArabia News Service

Tags: Sale | Atlanta | US property | GFH Capital |

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