Manama-based GFH Financial Group has received “conditional approval” for a $1bn (BHD376.5m) offer made for its real estate portfolio earlier this year.

In a filing to Dubai Financial Market (DFM), where the Bahraini Shari'a-compliant investment company is listed, GFH said the Central Bank of Bahrain has approved an offer that was previously announced in a filing to the Dubai bourse on 3 May 2018.

The firm added: “GFH would also like to confirm that the offer received reaches to $1bn in value, with an expected upfront payment that ranges between $250m to $380m (BHD94m to BHD143m), while the remaining payment is based on joint development terms over five years.”

The name of the prospective buyer was not included in the latest DFM filing.

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GFH, which is also listed on the Bahrain bourse, noted the transaction will be subject to shareholder approval before any sale goes ahead.

The news comes eight months after the group named HE Jassim Mohammed Alseddiqi, chief executive officer of Abu Dhabi Financial Group (ADFG), as its new chairman.

Speaking at the time, Alseddiqi said: “GFH has performed exceptionally well in the last two years and has returned more than $200m (BHD75.4m) to its shareholders in the form of dividends, bonus shares, and treasury share purchases.”