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FINANCIAL NEWS
Bahraini GFH Capital sells USD25m property in London
05 Nov 2014
(MENAFN) Bahrain-based GFH Capital, a subsidiary of Gulf Finance House, announced it has signed an agreement to sell a prime property in one of London’s most prestigious areas, at an estimated worth of USD25 million, Arabian Business reported.
The property, a Queen’s Gate Gardens which is a grade II listed building located in the prime Kensington area of London overlooking the gardens, was acquired by the firm last year.
According to the terms of the agreement, the buyer has paid an initial deposit with a target to complete the transaction in six weeks, subject to receiving relevant approvals.
Under the agreement, the buyer will pay an initial deposit and then complete the transaction within 6 weeks, with investors in the deal expected to make a return that can reach 21 percent return.
GFH Capital, which said it has acquired the property in December 2013, said that the deal is expected to have a positive effect on the October-December financial results for the company.
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