Saudi Arabia-based Sedco Capital has recorded a considerable profit on the sale of a multi-let office property in Germany.
The Islamic investment firm, a fully owned subsidiary of Sedco Holding, announced on Monday that it has recently managed to sell ABC West, a 13,723-square-metre office space located in Frankfurt, for €52.9 million ($59.2 million), achieving a 30 percent internal rate of return (IRR).
The firm acquired the property back in 2017 for €29.4 billion. It’s one of the more than €485 million worth of real estate assets purchased by the Jeddah-based firm in Europe.
According to Samer Abu Aker, CEO of SEDCO Capital, the sale is a testament to their ability to identify attractive real estate investment opportunities and sell at a favorable price.
“Despite the challenging global market conditions, our international real estate team continues to make significant strides in cementing SEDCO Capital’s solid track record and global reputation as a value-enhancing real estate investor,” said Abu Aker in a statement.
The company has successfully made 12 real estate divestments in various markets around the world, including the United States and other European and Asian countries between 2001 and 2019.
Its portfolio includes assets in the residential, hotel, office, healthcare and logistics sectors.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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