JEDDAH: Saudi-based Sidra Capital and London-based 90 North Real Estate Partners LLP (90 North) has announced the acquisition of Drakehouse Retail Park, Sheffield, the UK, on behalf of Button Property UK Ltd.

Sidra Capital is acting as strategic adviser while 90 North is acting as property and investment adviser. Drakehouse is the largest retail park in Sheffield at 21,000 sqm. The purchase price of SR353 million (61.7 million pounds) represents a net initial yield of 6.4 percent and is the single largest transaction Sidra Capital has worked on.

Situated within a dominant retail location seven miles southeast of Sheffield city center, the scheme is fully let to 18 tenants, including Homebase, Halfords, Currys, PC World and B&M. In addition, there is a 830-space car park.

Hani Baothman, CEO of Sidra Capital, commented: “This project shows how our clients benefit from Sidra Capital’s international network of strategic partners. This property will enhance the quality of our client’s global real estate portfolio, particularly from a cash yield perspective.”

Matthew Hills, partner at 90 North, commented: “We are delighted to have acquired this fully let asset on behalf of our clients. With a diversified household name tenant lineup Drakehouse is an important retail facility that serves a large catchment within one of the UK’s largest cities.”

David Atkins, chief executive of Hammerson, said: “The disposal of Drakehouse enables us to reallocate capital across our retail portfolio, including to our significant London retail development projects at Croydon and Brent Cross.

Sidra Capital’s strong international strategic relationships allow the company to provide the highest level of expertise and market insight to their investors in Saudi Arabia and the GCC, while providing complete transparency in their business operations.

Sidra Capital, described as ever a pioneer in the investment world, has a strong track record in creating innovative and award-winning products. Sidra Capital’s Ancile Global Structured Trade Finance Fund, for example, was the first of its kind in the Kingdom and was honored as the Best Structured Islamic Trade Finance by Triple AAA Islamic Finance Awards in 2013.