Riyad December 18 2021: Sidra Capital has taken a strategic interest in ‘10000 Energy Drive’ in Houston, Texas, which serves as the HQ building for Southwestern Energy, a NYSE listed company
Saudi-based Sidra Capital announced today that it has acquired a strategic interest in ‘10000 Energy Drive’ in Houston, Texas, which serves as the statement headquarters building for its anchor tenant, Southwestern Energy, a NYSE listed company.
“We are pleased to have completed the acquisition of 10000 Energy Drive which will expand our geographical footprint in the US and diversify our real estate portfolio,” said Hani Baothman, chairman of Sidra Capital.
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The property is located in Springwoods Village, a master planned suburb of Houston, which has seen a significant increase in demand for space by large corporate tenants in recent years. The property comprises two connected LEED certified office towers encompassing over 51,000sqm of Class A leasable space.
“Sidra’s current acquisition exemplifies the company’s strategy of sourcing investment opportunities that take advantage of emerging trends in the post pandemic period,” said Baothman.
“It follows the 2020 acquisition of the Arborcrest Corporate Campus in Blue Bell PA, a five-building class A office campus catering to technology, life sciences and biotech industries,” he added.
Sidra Capital has been actively investing in US real estate since 2016, having acquired over 10 million sqft of leasable area covering a variety of strategies including core, core-plus and value-add.
In November, the financial firm, which is licensed by Saudi Capital Markets Authority, launched a $155 million fund for investing in the acquisition of industrial properties in the US.
The fund is part of Sidra’s strategy of investing in industrial real estate and represents the company’s first real estate aggregation strategy.
Inbound investments in the US industrial real estate increased from $6.3 billion in 2019 to $8.5bn in 2020, registering a solid 35 percent year-on-year growth.
Earlier this year, Sidra Capital successfully completed the sale of the Bon Secours Mercy Health (BSMH) headquarters property in the Midwestern US city of Cincinnati, Ohio, generating a return in excess of 9.5 percent per annum for its investors.
