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Sidra Capital steps up property buying blitz in United Kingdom
Published in The Saudi Gazette on 14 - 10 - 2012

JEDDAH – Sidra Capital of Saudi Arabia and Gatehouse Bank of Britain have recently concluded their third real estate acquisition in the Sterling United Kingdom Real Estate Fund (SURF) for £32 million.
The latest purchase brings SURF's total assets under management to over $75 million since its launch in January 2012.
SURF has successfully deployed its fund capital with their first property acquisition in The Cooperative Group Distribution Centre located in Huntingdon, near Cambridge, UK for £23.55 million, followed by the purchase of TDG Distribution Centre, near Glasgow, Scotland for £22.4 million.
The most recent investment, which covers the newly constructed 74,146 sq ft Market House, in Maidenhead, UK will significantly contribute toward SURF's targeted return of seven percent per annum. The property serves as EMEA headquarters for Adobe Systems Europe Ltd. on a weighted unexpired lease term of 10.5 years. Adobe Systems Inc. is one of the largest global software providers, with a portfolio focused on creating digital and general creative through a combination of internally developed and acquired software. The asset will also provide a secure and steady income stream for investors, with a projected internal rate of return in excess of 9 percent over the anticipated 5-year hold period.
The purchase, which was secured in an exclusive off-market transaction, will further enhance SURF's acquisition strategy, which focuses on secure, income producing, low-risk opportunities in the relative safe haven of the UK market.
Hani Othman Baothman, Managing Director and CEO of Sidra, said “this property was selected for acquisition due to its attractive lease profile and strong anchor tenant. Securing long-term sustainable returns from our investments is key and, thanks to its positive regulatory environment, maturity, transparency and liquidity, the UK is considered to be one of the safest locations for investment in the world. By diversifying our risk across multiple asset classes, SURF's mixed portfolio will provide an effective hedge against inflation with regular income distributions and strong potential for capital growth.”
He added: “Sidra Capital and Gatehouse Bank are successfully working together towards a shared investment objective with SURF, identifying and securing high quality Shariah-compliant assets with driven rental and capital value growth.”
Both Sidra and Gatehouse are Shariah-compliant companies under the supervision of the respective countries' financial regulatory bodies. – SG


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