GFH boosts retail presence in Bahrain with key mall acquisition
MANAMA, January 17, 2021
GFH Financial Group (GFH), the leading investment group in the Middle East, has expanded its presence in Bahrain's retail sector by acquiring 80 per cent of Hidd Mall alongside a strategic investor.
The 46,000 sq m mall, located in the fast-growing area of Hidd in Muharraq, is fully leased to Lulu Hypermarkets, a major retail chain in the Middle East. The mall currently boasts 100% occupancy, with Lulu Hypermarkets sub-leasing the space to a diverse range of multinational, regional and local tenants.
GFH currently has $12 billion asset and fund under management across a range of industries and sectors globally. In addition to Hidd Mall, the group’s retail investment include Events Mall in Jeddah and the Entertainer, the leader in loyalty and rewards solutions, it stated.
On the deal, Chief Investment Management head Hammad Younas said: "GFH is excited to announce this latest landmark acquisition, one that is underscored by having Lulu Hypermarkets, the strongest retail chain in the GCC, as the primary tenant."
"This a resilient investment in a key sector which we believe will witness significant growth as the pandemic winds down. Malls anchored by grocery stores have already proved highly resilient, with families choosing to stay at home more during the pandemic," he added.
The new retail destination enjoys a high footfall from Hidd residents. In addition to the Lulu Hypermarket, Hidd Mall offers a range of banking, retail and F&B outlets such as the National Bank of Bahrain, Khaleeji Commercial Bank, Standard Chartered, Malabar Gold and Diamonds, Yum Yum Tree Food Court, KFC, Baskin Robbins, Jasmi’s and Gloria Jean’s Coffees.
Other government and service providers located in the property include branches for the Bahrain Traffic Police Station and Ministry of Interior, alongside telecommunications providers Batelco and STC, said the statement from GFH.
Additionally, Hidd Mall serves as a key location for Lulu Hypermarket’s online distribution channel for its store items, it added.-TradeArabia News Service
