Manama: GFH Financial Group (GFH) yesterday announced its successful exit from Lost Paradise of Dilmun Waterpark in a deal valued at $60 million.
GFH chief executive Hisham Alrayes said, “We are pleased with achieving another exit in our real estate portfolio. 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.
“Due to the importance of this asset to our Al Areen development, we have retained the right to operate and manage the water park over the next five years. We expect the transaction to reflect with good profitability to GFH during the remaining financial period of the year,” he added.
The popular water park is one of the key components of Al Areen development, located in the southern region of Bahrain next to the Formula One track with a township spreading over two million square metres.
It is also one of the largest standalone water parks in the Middle East and the largest in Bahrain, attracting more than 170,000 people annually and features 18 of the fastest and most exciting slides, fountains and waive pools in the kingdom catering to all ages.
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