Sidra Capital, the Saudi-based Shari’ah-compliant financial services company, has increased its UK presence by investing in a large commercial property leased to two leading British retailers in Scotland.
The long-term income-generating acquisition is located at Great Western Retail Park, Glasgow.
The prime property is currently let on long term leases to the UK’s second biggest supermarket chain Sainsbury’s Supermarkets Limited and the nation’s largest pet food supplier Pets at Home.
Sidra said the purchase consolidates its existing holding at Great Western Retail Park which provides 193,628 square feet of modern retail warehouse space on a 20.2-acre site which is leased to a wide range of retail tenants and F&B operators including McDonald’s, Starbucks, B&Q, Currys PC World, KFC, Carpetright, Wren Kitchens and Mitchells & Butlers.
“Our latest core plus investment gives further balance to our growing UK portfolio. We view this as a stable, defensive asset with committed, existing tenants and these factors will provide an attractive high yield,” said Hani Baothman, vice chairman of Sidra Capital.
“Despite Brexit in Europe and macro-economic uncertainty, we remain committed to a UK market which continues to provide attractive investment opportunities. Sterling as a currency offers attractive investment opportunities, and by adopting a long-term UK investment strategy we are fully confident we can deal with any short term, Brexit-related issues.”
Sidra Capital has been an active player in the UK real estate market since 2011, and has invested more than £900 million on 21 separate assets.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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