Kuwait Finance House (KFH) has announced the sale of 16 real estate assets for KD84m ($298m) as it reorganises its property portfolio.The company did not specific the locations of the properties released from its portfolio which reaches across North America, south East Asia, and Europe.
According to Mr. Anwar Al-Ghaith, chief operations officer, the moved aimed to achieve better returns for investors and depositors.He also added that the company had made profit of KD25m from the sale.
In October KFH, the country’s biggest Islamic lender, reported a 33 percent increase in third-quarter net profit, beating analyst estimates.Net profit rose to KD33.7m ($119.9m) from KD25.3m in the same period a year ago.
In May, KFH announced that it has acquired a residential development in Canada for $42.5m, its second acquisition this year.It said it has bought Kanata Lakes Apartments, which consists of 146 units in Ottawa, as part of KFH’s agreement with the Killam partnership.
Via : Arabian Business
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