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Tue 2 Jun 2015 11:04 AM

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Saudi firm buys US real estate worth $145m

SEDCO Capital has invested in three real estate assets across the US

Saudi firm buys US real estate worth $145m
Coral Landings III, a 176,575 square foot, neighbourhood retail centre in Florida

Saudi asset manager SEDCO Capital has bought three real estate projects in the US, worth a total of $145.5m, the company said.

It has jointly acquired Coral Landings III, a 176,575 square foot, neighbourhood retail centre in Florida.

The purchase is the first joint venture with Madison Marquette, a leading commercial real estate investment and operating company in the US, and the pair intend to invest in more retail, office, mixed-use and multi-family assets in infill US markets, SEDCO Capital said.

The investment program also would focus on Shariah-compliant real estate.

The firm also has partnered with Kensington Realty Advisory, an investment manager based in Chicago, to acquire The Village at the Woodlands Waterway in Texas, a 207-unit independent assisted living and memory care facility.

The Village at the Woodlands Waterway in Texas

It said in a statement that investing in senior housing, considered a safe sector, was important to stabilise its portfolio, with 77m baby boomers in the US expected to retire over the next two decades.

The third project is a joint venture with Lexington Realty Trust to enter a build-to-suit arrangement to acquire about 33 acres of land and construct a 274,000 square foot private school for the British International School of Houston.

CEO Hasan Al Jabri said the deals reflected the company’s 40 years of investing in the US.

“These new deals underscore our powerful partnerships across the US where we aim to not only continue our legacy, but also bring excellent investment opportunities to our clients,” he said in a statement.

“A hallmark of SEDCO Capital's philosophy has been socially responsible investing and our adherence to the principles of Shariah makes this very seamless, distinguishing us from others. We continue our commitment to our investment philosophy of aligning our interests with our clients which includes the ‘partnership’ concept of investing a minimum of 20% of our group’s money in these properties.”

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