Bahrain’s GFH Financial acquires Lulu-leased Hidd Mall

By Rahul Vaimal, Associate Editor
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Bahrain-based leading investment group GFH Financial Group (GFH) has expanded its presence in the retail sector by purchasing 80 percent of Hidd Mall alongside a strategic investor.

The 46,000 sq.m mall situated in the fast-growing area of Hidd in Muharraq is completely leased to Lulu Hypermarkets, the largest retail chain in the Middle East and one of the largest chains under a long term lease in the Asian region. The mall currently boasts 100 percent occupancy, with Lulu Hypermarkets sub-leasing the property to several international, regional, and local tenants.

Hammad Younas
Hammad Younas
Chief – Investment Management

“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 a resilient investment in a key sector that 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.”

In addition to the Lulu Hypermarket, Hidd Mall provides 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.

Other government and service providers located in the property include branches for the Bahrain Traffic Police Station and Ministry of Interior, alongside telecommunications providers Batelco and STC. Besides, Hidd Mall acts as the major location for Lulu Hypermarket’s online distribution channel for its store items.

GFH Financial Group

GFH is one of the most recognized financial groups in the Gulf region. The Group’s operations are focused in the GCC, North Africa, and India. GFH is listed in Bahrain Bourse, Boursa Kuwait, and Dubai Financial Market. GFH currently has a $12 billion asset and fund under management across a range of industries and sectors worldwide.