GFH Sells Logistics Facility to Michelin for $151 Million
GFH Bank Disclosures on Partnership with Bridgepoint and AIP Capital Worth $1 Billion, and Sale of US Logistics Facility to Michelin North America
Translated by Qiyas from الجريدة — Original source
Gulf Finance House (GFH) announced its commitment of $60 million to launch a new partnership aimed at acquiring next-generation commercial aircraft engines, in collaboration with Bridgpoint, one of the leading global investment firms specializing in the middle market, and AIP Capital, an alternative investment manager focused on asset-based financing opportunities.
In a filing with the Kuwait Stock Exchange, the bank stated that GFH’s entry as a strategic partner marks the next phase of the ongoing cooperation between Bridgpoint and AIP Capital, which aims to build a diversified portfolio of commercial aircraft engines valued at over $1 billion.
In a separate disclosure, GFH announced that its global asset management arm, GFH Partners Limited (“GFH Partners”), headquartered at the Dubai International Financial Centre, successfully exited a logistics facility in the United States by selling it to Michelin North America in a deal valued at $151 million.
GFH Partners had acquired the property in February 2021 in partnership with Silver Creek Development. During the investment period, the partners implemented several initiatives aimed at enhancing the asset’s value, including expanding trailer parking capacity and securing an early extension of the Michelin lease beyond its original expiration date in November 2027.
