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GFH Partners acquires Manrre REIT: GFH Partners, the Dubai-based global asset management arm of Bahraini GFH Financial Group, acquired Manrre REIT, a logistics and industrial assets fund registered with Nasdaq Dubai’s share depository, for USD 75.5 mn, becoming its sole fund manager, according to a DFM disclosure (pdf). The transaction is part of GFH Partner’s global expansion strategy. The company already operates in the US, UK, and GCC region.
What’s in the cards: GFH will absorb Manrre’s portfolio, valued at some AED 500 mn, which includes 26 diversified industrial and logistics properties primarily in the UAE. Under the agreement, GFH Partners is now Manrre’s fund manager, after gaining approval from the Dubai Financial Services Authority.
About Manrre Reit: The logistics fund was founded in 2018 by logistics developer and owner Palmon Group, one of the longest-operating firms in the UAE’s Jafza freezone. It is registered with Nasdaq Dubai’s share depository. The fund focuses its investments on industrial, warehouse and logistics assets, looking to support the growing e-commerce industry in the GCC region. Manrre Reit was previously managed by UAE-based fund manager and accelerator Dalma Capital.
GFH has been on a roll: The asset manager closed a USD 300 mn logistics and industrial fund in the United States last July. The fund — the firm’s seventh of its kind — includes industrial and transportation logistics assets, with a portfolio of 25 properties and sites across seven locations. The firm acquired more than 50 logistics assets across six countries in three continents. These transactions have poured some USD 4 bn into the logistics real estate sector by leasing units to Amazon, FedEx, and DHL.
Not the first regional acquisition: GFH acquired a USD 150 mn portfolio of logistics and industrial zone real estate assets in Saudi Arabia and the UAE back in 2023. The portfolio included light industrial and cold storage facilities as well as distribution and warehousing assets that are leased to regional and international tenants across logistics zones and industrial areas in Riyadh and Dubai.
