Sidra Capital seals $206m deal for US industrial portfolio

Updated 14 November 2019

Sidra Capital seals $206m deal for US industrial portfolio

Sidra Capital, a GCC-based Shariah-compliant asset manager, has completed its second US industrial real estate acquisition with a deal worth $206 million. The portfolio comprises 30 fully occupied single tenant net-leased assets spread across 15 key states.
The portfolio benefits from a roster of strong mid-market and large companies, which have occupied their respective assets for an average of 27 years. With a weighted average unexpired lease in excess of 13 years, the portfolio is expected to deliver strong and stable cash yield for the investment hold period.
“The outlook for the US industrial real estate market is extremely positive with expectations of being one of the most profitable markets in the country, amid low vacancy rates of under five percent. With the continued integration of logistics and retail, low interest rates, growing demand and evolving trend of manufacturing on-shoring, the US industrial real estate sector will remain resilient and offer opportunities for growth and re-leveraging and enhancing of industrial assets’ value,” said Vice Chairman of Sidra Capital Hani Baothman.
The purchase of this portfolio follows the aggregation of a portfolio of six US student accommodation assets and the acquisition of a site occupied by Sainsburys in the UK earlier this year. These acquisitions have increased Sidra Capital’s total AUM (assets under management) to $2 billion, of which over $800 million is in the US.


Makkah Clock Royal Tower lights up for ‘Home Heroes’

The world’s tallest clock tower beamed the words ‘Home Heroes’ for 30 minutes.
Updated 08 April 2020

Makkah Clock Royal Tower lights up for ‘Home Heroes’

The Makkah Clock Royal Tower, A Fairmont Hotel recently lit up with a solidarity message in support of its staff and medical professionals who are working tirelessly in the wake of the COVID-19 pandemic.
The world’s tallest clock tower beamed the words “Home Heroes” for 30 minutes, for the first time since its opening, in an initiative to honor national heroes for their efforts in protecting the nation from the ongoing coronavirus outbreak.
The campaign was launched by Accor Hotels Makkah — Raffles Makkah Palace, Swissotel Makkah, and Swissotel Al-Maqam Makkah, and the Makkah Clock Royal Tower, A Fairmont Hotel.
This initiative was one of many others launched by the hospitality group in support of the brave medical professionals who are risking their lives to save others during this period as well as to support the Saudi government and its people.
Accor, in collaboration with a hospital in Makkah, delivered complimentary meals to the medical staff working with the group, as a token of gratitude and appreciation. The group also distributed a number of masks and sterilizers to citizens in Makkah, as part of serving the local community and backing the Kingdom’s efforts in maintaining the health and security of citizens and residents.
Faisal Abdallah, director of communications and PR, Accor Hotels, said: “Embracing the solidarity momentum, we launched this initiative, a first-of-its-kind in Makkah by lighting up the Makkah Clock Royal Tower, A Fairmont Hotel with the ‘Home Heroes’ message, empathizing with every member of our community. We support all efforts of the government of Saudi Arabia in wake of the new health crisis and ask the Almighty to protect and preserve the health of the Kingdom’s citizens and residents.”