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Wed 30 Mar 2016 04:33 PM

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Bahrain's GFH inks $144m deal for luxury London project

Company will partner with developer Northacre on real estate project near Buckingham Palace

Bahrain's GFH inks $144m deal for luxury London project
Hisham Alrayes, CEO of GFH Financial Group.

Bahrain-based GFH Financial Group (GFH) has announced that it has signed an agreement with Palace Revive Developments Limited worth £100 million ($144.1 million) to be a key partner in the prestigious No. 1 Palace Street development in central London.

Under the agreement, GFH will become a key anchor partner for more than 30 percent of the units in the development, which is located opposite Buckingham Palace.

Developer Northacre’s name has become synonymous with revival projects of historically significant buildings in Prime Central London.

These include No.1 Palace Street and The Broadway, which received planning consent from Westminster City Council last month for a million square foot residential led mixed-use development.

Commenting on the deal, Hisham Alrayes, CEO of GFH Financial Group, said: “We are delighted to partner with Northacre and No. 1 Palace Street in this prime London development.

"Located in the heart of Central London, No. 1 Palace Street will appeal to a broad range of regional and global investors. This will be a blue chip real estate asset for GCC investors who are looking to diversify their global investment portfolio.

"We have looked at various investment strategy parameters, and prime London property continues to be attractive with strong and robust demand from regional and global investors.”

Located in Buckingham Gate, No. 1 Palace Street includes 271,051 square feet of space featuring 72 luxury apartments, a restaurant and health centre. The development is expected to be completed in 2018.

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