Kuwait's KFH sells properties worth $298m

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Kuwait Finance House (KFH) has announced the sale of 16 real estate assets for KD84m ($298m) as it reorganises its property portfolio.

The company did not specific the locations of the properties released from its portfolio which reaches across North America, south East Asia, and Europe.

In a statement, Anwar Al-Ghaith, chief operations officer, said the moved aimed to "achieve better returns for investors and depositors".

He added that the company had made profit of KD25m from the sale.

He said: "Selling those assets does not mean letting go of good real estate portfolio that KFH owns, but rather reinforce it by paradigm assets that play a prominent role in increasing the bank's profits through high returns."

He stressed that the sale did not mean that KFH would stop investing in real estate, but admitted that "the concepts have changed", adding that the company had "become more cautious".

Al-Ghaith said that KFH's real estate portfolio had "become more diverse and profitable while limiting risks".

In October KFH, the country's biggest Islamic lender, reported a 33 percent increase in third-quarter net profit, beating analyst estimates.

Net profit rose to KD33.7m ($119.9m) from KD25.3m in the same period a year ago.

In May, KFH announced that it has acquired a residential development in Canada for $42.5m, its second acquisition this year.

It said it has bought Kanata Lakes Apartments, which consists of 146 units in Ottawa, as part of KFH's agreement with the Killam partnership.

Related:

Market Performance

Kuwait Finance House - Kuwait
820.0
20.0 2.5 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Capital plans: how Qatar's banks are shaping up

Capital plans: how Qatar's banks are shaping up

Ahli Bank chief executive Salah Murad says that despite competition...

The spectacular rise and fall of Arabtec

The spectacular rise and fall of Arabtec

The ups and downs of Dubai most heavily traded stock teaches...

1
MidEast investors eye $180bn overseas spending

MidEast investors eye $180bn overseas spending

Arab institutional investors have been buying up swathes of ...

Most Discussed