Chief Executive Officer of Kuwait Finance House (KFH), Mazin Saad Al-Nahedh, stated that KFH has succeeded in selling the properties of "Baitek Real Estate Fund" that comprises 68 commercial and investment properties allocated at different areas in Kuwait in a public auction.

He added, in a press statement, that the total sales value in the auction reached KWD125.58 million of which KFH's share of profit reached approximately KWD35.28 million.

This profit is expected to be added to KFH's budget in the fourth quarter of the current fiscal year.

Al-Nahedh said "By achieving this profit in the auction, KFH has offered high value returns to its clients". He added that throughout 5 years starting from mid-2009 until end of June 2014, the "Baitek Real Estate Fund" which KFH divested had posted not less than 6% annual distributions for shareholders, which is seen as highly competitive return comparing with the market's distributions at the level of deposits or investment portfolios.

Also, the value of the real estate properties auctioned more than doubled at the closing of the fund. He added, that the return on invested capital surpassed 160%.

Al-Nahedh mentioned that the fund's properties were sold after having reached the end of its term, and as per KFH's strategy that focuses on restructuring KFH's investments according to the current and forecasted market development in an attempt to achieve the best returns when investing in diversified, income-generating and high quality assets.