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Sidra Capital buys US real estate portfolio for $206 mn

Sidra Capital US

The portfolio comprises 30 fully occupied single tenant net leased assets

Saudi Arabia-based Sidra Capital, a Shariah-compliant asset manager, has completed the acquisition of an industrial real estate portfolio in the US in a deal worth $206 million. The portfolio comprises 30 fully occupied single tenant net leased assets.

Hani Baothman, vice chairman of Sidra Capital, told the media, “The outlook for the US industrial real estate market is extremely positive with expectations of being one of the most profitable markets in the world, amid low vacancy rates of under five percent.”

He added, “With the continued integration of logistics and retail, low-interest rates, growing demand and evolving trend of manufacturing on-shoring, the US industrial real estate sector will remain resilient and offer opportunities for growth and re-leveraging and enhancing of industrial assets’ value.”

With the recent acquisition, Sidra Capital’s assets under management (AUM) have increased to $2 billion, with properties in the US accounting to $800 million.

This is not the first time Sidra Capital has acquired a real estate portfolio in the US. Earlier this year, the asset manager added six US-based student housing properties to its global real estate portfolio. The amount which Sidra Capital paid to acquire these assets is not disclosed.

Sidra Capital acquired 2058 beds across six states in the US which serves the University of Alabama in Tuscaloosa; Florida Atlantic University in Boca Raton; Ferris State University in Big Rapids; University at Buffalo in Amherst; Penn State University in State College; and Texas State University in San Marcos.

Last year, Sidra Capital acquired an office building in central London for $121.4 million from Frogmore. The property spans over seven floors and 89, 000 square feet.

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