SIDRA Capital announced its first foray in the US real estate market with the developing funding and acquisition of a newly built office building in the prosperous Charlotte suburb of Fort Mill, South Carolina leased to a subsidiary of AmerisourceBergenCorporation (Amerisource), a Fortune 500 company. The property is a 23,000 square meter of office accommodation over five floors with 1,485 car park spaces "This transaction will inevitably widen our geographical footprint and help in the search for future acquisitions," said Hani Baothman, Vice Chairman of Sidra Capital. "The project's proximity to Charlotte made it interesting for us. As an 18-hour city, Charlotte offers above-average urban population growth that offers a lower cost of living, good infrastructure and public transport and lower cost of doing business which makes it a viable alternative to the usual big six. "The strategy for this project is to provide our investors with highly attractive returns backed by a secure tenant combined with recently constructed facilities, whilst pursuing opportunities to increase value to the property." "18-hour cities have emerged as a more affordable investment option compared to larger markets," said Currim Oozeer CEO of Sidra Capital. "These cities are attractive because they typically feature lower cap rate compression, meaning property values tend to remain stable rather than spiking up or down significantly."
