GFH Financial Group has announced a successful exit from Bahrain’s Lost Paradise of Dilmun waterpark in a deal valued at $60 million, the company announced on Sunday.
The waterpark is part of the larger Al Areen development located in the south of Bahrain, near the Formula One race track.
The waterpark is one of the largest standalone waterparks in the Middle East and the largest in Bahrain, with the capacity to accommodate more than 170,000 people a year to visit its 18 slides, fountains and wave pools.
“We are pleased with achieving another exit in our real estate portfolio,” said GFH CEO Hisham Alrayes. “This has and remains a key focus for GFH, where we enhance the value of our real estate assets and exit to channel proceeds into other investment classes and yielding assets.”
Alraves added that – due to the importance of the waterpark to GFH’s Al Areen development – the company has retained the right to operate and manage the waterpark for the next 5 years.
“We expect the transaction to reflect with good profitability to GFH during the remaining financial period of the year,” he added.
In August, GFH posted a net profit of $72.5 million for the first half of 2018, a 16.7 percent increase from the $62.1 million reported in the same time period last year.
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