Bahrain's GFH acquires five US tech office buildings for $100m
Building cluster purchased by GFH Financial Group is located in Research Triangle Park in North Carolina, America
Kuwait Boursa- and Bahrain Bourse-listed financial investment firm GFH Financial Group has acquired a portfolio of five office buildings in Research Triangle Park in the US’s North Carolina for $100m (BHD37.6m).
In a stock market missive, undersigned by the group’s head of compliance, Nabeel Mirza, GFH referred to the portfolio of buildings as “income-yielding” assets, adding that it would, alongside its investors, own 95% of the portfolio.
The remaining 5% will be held by London- and Los Angeles-based Global Mutual and its affiliates.
Arcadia Management Group, an affiliate of Global Mutual, has been appointed as the property manager for the buildings.
GFH said the investment was expected to generate return on investment (ROI) of 150% over an investment period of three to five years, and also positively impact its 2019 financials.
The office portfolio has been leased to 16 tenants at an overall occupancy rate of 96% and features a 7.3ha land parcel, which can accommodate up to 2.5ha of additional development.