Saudi Arabia-based Sidra Capital, a financial services company, has acquired a commercial property in the United States for an undisclosed amount.
The 1000 Energy Drive, a 10-storey office property built as a statement headquarters for its New York-listed anchor tenant, the Southwestern Energy, is in the master-planned community of Springwoods Village in Houston.
According to Hani Baothman, chairman of Sidra Capital, the recent acquisition will expand the company’s geographical footprint in the US market and diversify its real estate portfolio.
“It follows the 2020 acquisition of the Arbocrest Corporate Campus in Blue Bell PA (Pennsylvania), a five-building class A office campus catering to technology, life sciences and biotech industries,” Baothman said.
Sidra Capital did not specify the value of the acquisition.
The company has been investing in the American real estate market since 2016 and its portfolio now has more than 10 million square feet of leasable area.
This year, the company launched a $155 million fund investing in the acquisition of industrial properties in the US.
Also, this year, Sidra Capital completed the sale of a property in Cincinnati, the Bon Secours Mercy Health, generating a return in excess of 9.5 percent annually for its investors.
(Writing by Cleofe Maceda; editing by Mily Chakrabarty)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.© ZAWYA 2021