GFH Financial Group (GFH) continues to expand its presence in the retail sector by acquiring a 80 per cent stake in Hidd Mall, Bahrain.
The 46,000sq m mall, located in the fast-growing area of Hidd in Muharraq, is fully leased to Lulu Hypermarkets, under a long term lease. The mall currently boasts a 100 per cent occupancy with Lulu Hypermarkets sub-leasing space to a range of multinational, regional and local tenants.
Commenting on the deal, Mr. Hammad Younas, Chief Investment Management of GFH, said: “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.
“This is 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 highly resilient, with families choosing to stay at home more during the pandemic.”
The mall enjoys a high footfall from Hidd residents. In addition to the Lulu Hypermarket, Hidd Mall offers a range of banking, retail and F&B outlets such as the National Bank of Bahrain, Khaleeji Commercial Bank, Standard Chartered, Malabar Gold and Diamonds, Yum Yum Tree Food Court, KFC, Baskin Robbins, Jasmi’s and Gloria Jean’s Coffees.
