Sidra Capital, Saudi-based financial services company, has inked a £32m deal to acquire a UK building used by Adobe Systems for the European headquarters.
The newly constructed 74,146 sq ft Market House, in Maidenhead, UK, was bought as part of its £100m UK real estate fund partnership with investment bank Gatehouse Bank.
Sidra said in a statement that the acquisition would "significantly contribute towards the fund's targeted return of seven percent per annum.
This is the third property to be acquired by the fund and serves as headquarters for Adobe Systems Europe Ltd.
Hani Othman Baothman, managing director and CEO of Sidra, said: "This property was selected for acquisition due to its attractive lease profile and strong anchor tenant.
"Securing long-term sustainable returns from our investments is key and, thanks to its positive regulatory environment, maturity, transparency and liquidity, the UK is considered to be one of the safest locations for investment in the world."
Adam Cavanagh, head of Real Estate at Gatehouse Bank, added: "The regional office market is an extremely resilient sector in the UK and demand from international investors is focused on large, £20m plus lot sizes, where active asset management offers significant scope to enhance returns.
"This particular property offers a compelling investment opportunity and, with Middle Eastern investors in particular favouring 10 year income assets, sourcing income-producing real estate investment opportunities with sustainable returns remains a key element of our acquisition strategy."
The fund's previous acquisitions in the UK include the Co-operative Distribution Unit, Huntingdon, Cambridge and the TDG Distribution Centre in Glasgow, Scotland.For all the latest business 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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