Saudi Arabia's Sharia'h-compliant investment house Sedco Capital has acquired three real estate assets in France and the UK as it charts an expansion strategy for the European Union.
Sedco Capital, which claims to be one of the largest asset management firms in the kingdom with a portfolio spanning real estate and construction, spent almost $180m (SAR674m) on a 9,800m² office in Paris, France, in addition to a 10ha logistics site in Yorkshire and a 1.9ha office complex in Berkshire in the UK.
The trio of takeovers was completed by Sedco Capital UK, a subsidiary of Saudi Arabia-based Sedco Capital, and marks the company's first investment in France.
The Parisian office building is located in the Levallois Perret suburb, and is the French headquarters of Italian energy company ENI.
The distribution site in Yorkshire, acquired for $41.6m (SAR119.2), has a warehouse used by logistics company Eddie Stobart. The office in Bracknell, Berkshire, is currently being leased by telecoms company Vodafone, with approximately 20 years remaining on the lease agreement.
Sherif Selim, head of global real estate at Sedco Capital, expressed the firm's "delight" at adding the trio of properties to its burgeoning European real estate portfolio.
“Europe is an important region for Sedco Capital’s long-term macro investment strategy and we strongly believe in both the French and UK markets to deliver attractive yields and sustained growth.
"The acquisition in Paris exemplifies our ability to secure promising new opportunities in a highly-competitive market," Selim added.