Bahrain’s GFH Capital sells US property for $43m
Sale was completed through an open market bidding process
GFH Capital, a subsidiary of the Bahrain-based GFH Financial Group, has said that it has successfully completed the sale of one of the properties in its US residential portfolio in Atlanta for $43.45 million.
In a statement, the company said that the portfolio had been acquired three years ago, and added that the asset is listed as a Class A property. It comprises of 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, GFH Capital said. Also supporting the strong sale was the asset’s location just three miles west of the Atlanta-Hartsfield International Airport, as well as its close proximity to a range of community, shopping and entertainment facilities.
“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,” said Luay Ahmadi, senior executive officer, about the deal.
“Over last three years, GFH has proven its ability to effectively source unique transactions and exit transactions, delivering promised returns to our investors.
“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.
