Bahrain-based Gulf Finance House (GFH) has announced that its fully owned subsidiary GFH-Capital has signed an agreement to sell the Queen’s Gate Gardens property in London, UK, 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).

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, GFH said.

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.

Upon completion of the sale, following obtaining relevant approvals, GFH investors in the deal can expect to make a return that can reach 21 per cent per annum, it said.

The management believes that once the transaction is completed, the deal will positively reflect in the Q4-2014 financial results of GFH. - TradeArabia News Service