GFH Financial Group buys UK office complex
Bahrain-based GFH Financial Group announced that it has acquired Westside Office Business Park in Hemel Hempstead, UK.
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Bahrain-based GFH Financial Group announced that it has acquired Westside Office Business Park in Hemel Hempstead, UK.
Located just north of London and off the M25, the ring road around greater London, the complex comprises four Class A office buildings with approximately 200,000-sq-ft of contemporary office space.
Upon acquisition, the property was 96 per cent occupied by a well-diversified, credit-rated tenant base ranging across various industries.
GFH, along with its clients, will invest throughout the holding period up to £39.2 million ($50.4 million) with GFH holding up to 5 per cent of the transaction.
The investment is expected to provide attractive returns over the investment period given the attractive exchange rate of the pound sterling at the time of the acquisition, the company said in a statement.
Hisham Alrayes, CEO of GFH Financial Group, said: “We are pleased to announce this investment in the UK real estate market in line with our focus on building a strong, income-yielding real estate portfolio in well-performing markets such as the UK and US."
"Westside’s prime location, high-quality offering and strong tenant mix provide for a sound investment opportunity for GFH and our investors at a time where the British pound is at attractive levels. We are pleased to be undertaking this transaction, which we expect to positively impact GFH’s results and our ability to deliver healthy distributions and returns to our investors,” he said. - TradeArabia News Service
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