MANAMA: Bahrain-based Gulf Finance House (GFH) on Sunday said that it was acquiring $75million diversified US residential portfolio.
“GFH would like to notify its shareholders and the markets about the acquisition of two multi-family residential properties in Houston, as part of the diversified US residential portfolio, which the bank has recently agreed to acquire,” the bank in a statement said.
“The portfolio will consist of two multi-family residential properties in Houston and one in Atlanta, with an overall occupancy of 94% and nearly 1300 apartments. The properties have been selected due to their proximity to large and growing infrastructure assets in the respective cities and are expected to benefit from the economic recovery in the US,” it added.
The portfolio, the bank said, will be offered to GFH clients with an expected average yield of 9% per annum and maturity of five years. The total size of the assets is $75million.
“The transaction is expected to positively impact GFH results for Q3 and Q4,” the bank added.