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Bahrain’s GFH buys $136m Dubai-based logistics fund

By Pramod Kumar
Dubai-based Manrre REIT owns assets across the UAE and the GCC region GFH Partners
Dubai-based Manrre REIT owns assets across the UAE and the GCC region

GFH Partners, the DIFC-based asset management arm of Bahrain-based GFH Financial Group, has acquired Manrre REIT, the Dubai-based fund with assets across the UAE and the GCC region.

The fund’s portfolio is valued at AED500 million ($136.13 million), including 26 industrial and logistics properties in the Emirates.

GFH Partners has assumed the fund manager’s role following approval from the Dubai Financial Services Authority. 

The deal converts the fund into a sharia-compliant investment vehicle, accelerating new acquisitions and projects across the UAE and Saudi Arabia regions.

“With a new structure and strengthened foundations, we look forward to capturing opportunities across key markets in the GCC,” said Nael Mustafa, CEO of GFH Partners.

Kunal Lahori, director of Manrre REIT Logistics Fund, said the fund is well-positioned to expand its specialist asset class after GFH Partners’ acquisition.

Manrre, registered with Nasdaq Dubai’s share depository, has provided long-term, stable dividend income and capital appreciation for its shareholders. It was founded in 2018 by Palmon Group, a local logistics developer and owner.

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