GFH acquires 80 per cent stake in Hidd Mall

GFH acquires 80 per cent stake in Hidd Mall

MANAMA: GFH Financial Group (GFH), the leading investment group in the Middle East, has expanded its presence in the retail sector by acquiring 80% of Hidd Mall alongside a strategic investor.

The 46,000 square meters mall, located in the fast-growing area of Hidd in Muharraq, is fully leased to Lulu Hypermarkets, the largest retail chain in the Middle East and one of the largest chains in Asia region under a long term lease. The mall currently boasts 100% occupancy, with Lulu Hypermarkets sub-leasing the space to a diverse range of multinational, regional and local tenants.

GFH currently has $12 billion asset and fund under management across a range of industries and sectors globally. In addition to Hidd Mall, the Group's retail investment include Events Mall in Jeddah and the Entertainer, the leader in loyalty and rewards solutions.

"GFH is excited to announce this latest landmark acquisition, one that is underscored by having Lulu Hypermarkets, the strongest retail chain in the GCC, as the primary tenant,“ Hammad Younas, Chief Investment Management of GFH, said.

"This a resilient investment in a key sector which we believe will witness significant growth as the pandemic winds down. Malls anchored by grocery stores have already proved