GFH, a leading financial investment group based in Bahrain, has completed the acquisition of a $1.2 billion portfolio of infrastructure assets in Africa and the Middle East. Details of the assets, their sellers and the financial terms agreed were not disclosed.
Buying the portfolio makes GFH a key Land Bank, owning more than 200 million square feet across Africa, the GCC and India. The deal has been funded by a $315 million capital increase, which lifts publicly-listed GFH’s issued and paid up capital to $975 million. In addition, the transaction launches an infrastructure investment business line for the group, which currently operates in the private equity and asset management, commercial banking and real estate sectors.
“We are pleased to complete this major acquisition in GFH history today and deliver one of the key milestones in our new strategy,” commented Hisham Alrayes, GFH’s CEO. “…We have been able to secure this great deal at a time where we have captured a great acquisition value for GFH shareholders. International and regional reputed developers have expressed their interest to partner with GFH in this portfolio; hence we foresee substantial returns to our shareholders in the medium to long term.”