RIYADH: Jeddah-based Sidra Capital announced on Wednesday it has initiated its first US-based single tenant leased industrial real estate aggregation program, a statement revealed.
The fund, which was fully subscribed within three weeks from launch, will invest approximately $155 million in the acquisition of industrial properties in the US, bolstering the company's real estate acquisitions strategy in the US, where deal volume has surpassed $1.2 billion as of the third quarter of 2021.
Sidra Capital is making the investment through its Heartland industrial aggregation fund. The company currently owns 40 industrial properties strategically located in metropolitan areas across the US.
The fund represents the company’s first real estate aggregation strategy.
The US industrial real estate market was valued at $1.5 trillion in 2018, which is equivalent to about 7 percent of the US gross domestic product.
The total industrial real estate space square meter totaled approximately 2 billion, accounting for about 30 percent of total US commercial real estate space. The inbound investments in the US industrial real estate increased from $6.3 billion in 2019 to $8.5 billion in 2020, registering a solid 35 percent year-on-year growth.
