GFH gets nod for sale of real estate portfolio

Gulf

Finance House (GFH) said it received a conditional approval from the central bank of Bahrain for its sale of real estate portfolio.

GFH also confirmed that the offer received reached $1 billion (Dh3.67 billion), with an expected upfront payment that ranges between $250-$380 million, the company said.

The remaining payment is based on joint development terms over five years. The transaction will be subject to GFH’s shareholders approval before execution.