Financial services company says it has acquired a total of 2,058 beds across six US states
Sidra Capital, the Saudi-based Shari’ah-compliant financial services company, has added seven US-based student housing properties to its global real estate portfolio.
The properties serve the University of Alabama in Tuscaloosa, Alabama; Florida Atlantic University in Boca Raton, Florida; Ferris State University in Big Rapids, Michigan; University at Buffalo in Amherst, New York; Penn State University in State College, Pennsylvania; and Texas State University in San Marcos, Texas.
In total Sidra said it has acquired 2,058 beds across the six states, without giving a value for the deal.
Hani Baothman, vice chairman of Sidra Capital, said: “These seven properties consist of a diverse mix of value add and stable income student accommodation, delivering attractive risk adjusted returns.
“We remain cautious on the global outlook for real estate after years of steady growth and low interest rates and see our capital moving towards defensive sectors which exhibit stable income with an element of value add. We are still seeing attractive opportunities in certain locations of the US but remain highly selective."
Sidra Capital said its US investments comprise of 21 assets and forms a share of the company’s international real estate activities, which include acquisitions in the UK, Europe and Australasia.