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Wed 30 Aug 2017 07:03 PM

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Bahrain's GFH acquires $1.2bn land bank

Acquisition has been funded by $315m capital increase taking GFH issued and paid up capital to $975m

Bahrain's GFH acquires $1.2bn land bank
Hisham Alrayes, CEO of GFH.

Bahrain-based GFH Financial Group (GFH) has announced that it has completed the acquisition of a $1.2 billion infrastructure portfolio in Africa and Middle East.

The acquisition comes as part of GFH’s new strategy approved in the last shareholders’ meeting in March and subsequent to regulatory approvals, the company said in a statement.

The acquisition has been funded by $315 million capital increase taking GFH issued and paid up capital to $975 million, it said.

GFH added that the portfolio acquired will make it one of the key land banks with more than 200 million square feet across Africa, the GCC and India.

Hisham Alrayes, CEO of GFH, said: “We are pleased to complete this major acquisition in GFH history and deliver one of the key milestones in our new strategy.

"The acquisition adds another main line of business to GFH, infrastructure investments, alongside investment banking, commercial banking and real estate. We have been able to secure this great deal at a time where we have captured a great acquisition value for GFH shareholders.

"International and regional reputed developers have expressed their interest to partner with GFH in this portfolio; hence we foresee substantial returns to our shareholders in the medium to long term.”

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