Bahrain-based Islamic investment bank Gulf Finance House (GFH) is acquiring two multi-family residential properties in Houston, as part of a “diversified US residential portfolio.”

The portfolio will consist of two multi-family residential properties in Houston and one in Atlanta, with an overall occupancy of about 94 per cent and nearly 1,300 apartments, the bank said in a bourse filing, reported the Gulf Daily News (GDN), our sister publication.

The properties have been selected due to their proximity to large and growing infrastructure assets in the cities and are expected to benefit from the economic recovery in the US.

The portfolio will be offered to GFH clients with an expected average yield of nine per cent per annum and maturity of five years. The total value of the assets is $75 million.

The transaction is expected to positively impact GFH results for the third and fourth quarters. - TradeArabia News Service