Mubasher: GFH Financial Group (GFH) received an approval from the Central Bank of Bahrain (CBB) to exit a real estate portfolio at a value ranging from $600 million to $1 billion, CEO Hisham Ahmed Al Rayes told CNBC Arabia.

Exiting this portfolio will be executed in two phases; the first one will be in cash in advance, while the second installment will be collected in a five-year period, Al Rayes said.

The Bahrain-based investment firm will collect a range from $250 million to $400 million in the first installment, and the remaining amount will be in the form of a partnership to develop, the CEO told CNBC Arabia.

The company, which is listed on Boursa Kuwait, Bahrain Bourse, and the Dubai Financial Market (DFM), is currently in negotiations with the parties willing to purchase the real estate portfolio, Al Rayes said, noting that sealing the deal is expected to be before end-2018.