Mubasher: Gulf Finance House Group (GFH) expects the exit from a real estate portfolio in Atlanta to have a positive effect on the results of the third quarter of 2017 and forecasts a 13.6% return from the deal.
Liquid income from the divestiture will amount to $2.3 million, GFH, which is listed on the Bahrain Bourse, Boursa Kuwait, and the Dubai Financial Market (DFM) added on Wednesday, noting that its share in the portfolio is approximately 7%.
Earlier this week, GFH said its UAE subsidiary GFH Capital had exited a real estate portfolio in Atlanta City, the US, in a deal exceeding $43 million.
The portfolio was acquired three years ago, GFH added in an earlier statement.
GFH is on its way to concluding a $200 million deal in the second half of 2017, Hisham Al Rayes, group executive director said previously.
GFH Group last registered a sharp increase of 439% to $62.1 million in H1-17 compared to the year-ago period.
