Manama, Bahrain – 24 April 2021: GFH Financial Group (“GFH” or “the Group”) today announced that its UK subsidiary, Roebuck Asset Management (“Roebuck”), has concluded an off-market sale of Accolade Park to Tritax Big Box REIT Plc for US$123 million. Accolade Park is a prime logistics centre in the UK comprising of 875,000 sq ft located in Avonmouth which is the principal logistics and manufacturing area for the South West of the country, centred around the Port of Bristol.

The sale marks the end of an extremely successful hold period for Roebuck, who acquired the asset for US$84 million in May 2017 on behalf of a consortium of institutional Korean investors.  The robust income and significant value increase provided the investors with a post-tax IRR of 20%+, well in advance of the target business plan for such a core asset.

During the hold period, Roebuck has completed a number of acquisitions with Korean & other Asian institutional investors investing into mainly mission critical logistics assets across Europe including Tesco’s Avonmouth Distribution Centre, in the UK, which they acquired for c.US$102 million, GP Logistics Centre in Spain, which they acquired for US$96 million and Amazon’s Fulfilment Centre in Prague, Czech Republic, which was acquired for c. $US165 million in 2019 and the Amazon Last Mile three assets portfolio in Spain which was acquired for c. $100mm in 2020.

GFH acquired majority stake in Roebuck, which continues to operate independently, in December 2020 including its investments in these strategic assets. With the Group’s backing, Roebuck is set to execute on significant growth plans for 2021. Together, GFH and Roebuck are working on over €1.0 billion of new third party mandates.   Importantly Roebuck is using its local market expertise and significant track record to raise a European Logistics focused fund in the Core + sector, which is to be launched in late 2021 and made available to Roebuck’s and GFH’s investor base.

Commenting, Mr. Nael Mustafa, Board Member at Roebuck Asset Management and Co- Chief Investment Officer at GFH, said, “We’re pleased to announce this important exit by Roebuck of one of the prime logistics assets in the portfolio. The strategy to sell Accolade Park is in line with the Roebuck’s plans. Mainly, to acquire core and core plus logistics assets, add value through execution of asset management initiatives and to exit within a medium term. The solid returns achieved on this sale are indicative of the strength of Roebuck and its team are exactly why GFH acquired the business in December 2020, adding significant expertise to our European commercial real estate offering. We look forward to announcing new transactions in this space and offering investors the opportunity to benefit from positive trends in the UK and European logistics, a segment of the market showing solid fundamentals and continued prospects for growth.”

Nick Rhodes of Roebuck Asset Management said, “Our investment in Accolade Park has performed very well over the investment term, delivering significantly above our anticipated investment returns. We acquired the asset in 2017 and along with the asset management initiatives we have undertaken, the market for quality, well let logistics assets has improved exponentially. As a micro location, Avonmouth has also witnessed a period of significant growth, with considerable development in both infrastructure and new warehouse space, to match occupier demand. We consider this a critical milestone for Roebuck and confirmation of its abilities in the logistics sector and plan to build on this and our extensive track record to launch our first fund in European logistics in the later part of 2021.”






About GFH Financial Group B.S.C.

GFH is one of the most recognised financial groups in the Gulf region. Its businesses include Asset Management, Wealth Management, Commercial Banking and Real Estate Development. 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. For more information, please visit


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GFH Financial Group
Nawal Al Naji
Manager- Corporate Communications
Tel: +973 17538538