GFH Financial Group BSC said it received a conditional approval from the Central Bank of Bahrain for the acquisition offer it received for its real estate portfolio in May.

The company said the offer was valued at $1 billion, with between $250 million and $380 million expected to be paid upfront. The remaining payment will be based on joint-development terms over five years, according to the Bahrain-based group.

GFH said the deal will be subject to shareholder approval before its completion.