Sidra Capital acquires Grade A office building in UK
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Saudi asset management group Sidra Capital has completed the acquisition of a freehold headquarters of Countryside, a British housebuilding and urban regeneration company, at Brentwood, Essex, in the UK in a deal valued at £19 million ($26.2 million).
The acquired property is fully let to the FTSE 250 company on an unbroken 15-year lease and is undergoing a comprehensive £8-million refurbishment to transform the property to a state-of-the-art, future-proofed headquartered building with excellent environmental credentials.
The Grade A office building is located in an established southeast submarket and benefits from excellent transport links to Central London and the rest of the UK.
The three floors of office space comprise 38,878 sq ft and the building provides 165 parking spaces, offering an excellent parking ratio of 1:13 sq ft while enhancing an already extremely attractive working environment.
On the key acquisition, Chairman Hani Baothman said: "We are pleased to have completed the acquisition of this exceptional HQ building whose value is enhanced by the long let to a strong tenant in an attractive M25 location."
"This demonstrates not only our commitment to the UK market but also to our belief that modern fit-for-purpose office buildings in strong locations will remain attractive to both tenants and investors. The transaction confirms our commitment to providing investors with attractive high-yielding investment opportunities in global mature markets that fulfill their investment objectives and aspirations," stated Baothman.
He pointed out that the transaction bolsters Sidra Capital’s real estate investment strategy in the UK, which is buoyed by the prospect of economic growth and renewed investor sentiment as the UK GDP returns to pre-Covid levels.
"An easing of Covid-19 restrictions has served to rebuild investor confidence, which in turn brought liquidity and positive sentiment back to the market," he added.-TradeArabia News Service
