Manama: Bahrain-based Gulf Finance House (GFH) on Tuesday announced the sale of the Queen’s Gate Gardens property which it had acquired last year.
“GFH would like to notify its shareholders and the markets that it’s fully owned subsidiary GFH-Capital has signed an agreement to sell the Queen’s Gate Gardens property that it had acquired last year. The property is a Grade II listed building located in the prime Kensington area of London overlooking the Queens Gate Gardens (QGG),” GFH in a statement issued in Manama, said.
“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,” the statement added.
GFH-Capital acquired the indirect interest in the QGG property in December 2013 with evaluation reaching $25 million. The subscription for the investment was completed within a short period of time 31st March 2014, as a result of strong demand for exposure to the prime central London property market.
Upon completion of the sale, following obtaining relevant approvals, GFH investors in the deal can expect to make a return that can reach 21% return per annum, a strong rate of return over a short period of time.
“The management believes that once the transaction is completed, the deal will positively reflect in the Q4-2014 financial results of GFH,” the statement added.