Bahrain: Bahrain’s GFH Financial Group has announced the acquisition of warehouses in Spain operated by Amazon, as the asset management firm looks to tap into the growing Spanish e-commerce sector.

The transaction has been valued at around $77 million. The warehouses cover an area of over 100,000 square meters and are leased on a long-term basis to Amazon Road Transport SLU, a subsidiary of the global e-commerce retailer Amazon.

The facility has the potential to supply goods to a catchment area of around 4 million people in southeast Spain, and is located close to the major motorways linking the eastern coast of the country’s main cities of Barcelona, Valencia and Malaga to the European road network.

“We’re delighted to announce this strategic acquisition as we continue to build our global portfolio of income yielding real estate assets, capable of delivering solid returns for the Group and our investors,” said Nael Mustafa, managing director of business development at GFH.

“This transaction, which also marks our first in Spain, was concluded as a result of a number of unique dynamics.”

GFH is listed in the Bahrain Bourse, the Kuwait Stock Exchange and the Dubai Financial Market.