Manama, Feb. 14 -- GFH Financial Group (GFH) announced the signing of a US$100 million real estate divestment as part of its previously announced US$ 1 billion in exits from its existing real estate portfolio. The transaction was signed with an SPV owned by Terra Real Estate Investments LLC ("Terra"), with an instrumental support from ADFG. The deal will see Terra acquire US$40 million worth of real estate accounting for 72% of GFH's landmark Harbour Row Residence in Bahrain and US$60 million of the Group's real estate development project in Morocco. This transaction is expected to positively impact the Group's first quarter 2019 results.
This deal comes as part of a planned exit from GFH's legacy real estate portfolio to be undertaken ove...