By Andy Sambidge
Gulf Finance House announces deal for two properties in the city of Houston worth $75m
Gulf Finance House (GFH), the Bahrain-based Islamic investment bank, said on Tuesday that it has acquired two residential properties in the United States.
GFH said it has bought two multi-family residential properties in Houston, as part of the diversified US residential portfolio which it has agreed to acquire.
The portfolio will consist of two multi-family residential properties in Houston and one in Atlanta, with an overall occupancy of 94 percent and nearly 1,300 apartments, the company said in a statement.
"The properties have been selected due to their proximity to large and growing infrastructure assets in the respective cities and are expected to benefit from the economic recovery in the US," GFH added.
The total size of the assets is $75 million, the statement said, adding that the transaction is expected to positively impact GFH results for Q3 and Q4.
Last month GFH announced that net profit for the first half of 2014 more than doubled compared to the same period last year.
The bank said that it made net profit of $10.6 million compared to $4.2 million. Net profit for the second quarter was $9.5 million against $2.7 million in Q2 2013.
Total income for the first half of 2014 was $88.2 million compared to $24.5 million for year-earlier period.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.