SEDCO Capital achieves 11.24% IRR from a commercial real estate sale in the US, acquires Willis Avondale Estates in the US for $52.5m

Jeddah, February 24th, 2020: SEDCO Capital, a leading global asset manager, is pleased to announce that it has successfully exited a US-based real estate investment, realising an IRR of 11.24% for investors. The property, located in Fort Worth, Texas, was sold by SEDCO Capital for $29.25 million in January 2020.

SEDCO Capital acquired the property in 2001. It comprises 170,000 sq. ft. of office and industrial space, currently leased to Galderma Laboratories, a pharmaceutical manufacturer specialising in dermatological treatments and skin care products, formerly owned by Nestlé.

In addition to the successful sale of the Fort Worth asset, SEDCO Capital has just concluded a $52.5 million real estate investment in Decatur, Atlanta in the US. In partnership with Coastal Ridge Real Estate, SEDCO Capital acquired the property from South City Partners and ELV Associates.

Willis Avondale Estates is a 197-unit premier mixed-use apartment community that was completed in 2018. The development contains 8,319 sq. ft. of retail space and benefits from close proximity to public transport, the downtown Atlanta metropolitan area, as well as healthcare and educational facilities.

Samer Abu Aker, Chief Executive Officer at SEDCO Capital, said: “We are delighted by the ongoing success of our US investment strategy. The commercial real estate market in the US continues to benefit from robust economic activity, low interest rates, and strong fundamentals.”

Sherif Selim, Executive Vice President & Head of Global Real Estate at SEDCO Capital, said: “While this was the right time for us to exit the Fort Worth investment, as evidenced by the attractive rate of return, we believe the US real estate sector will remain an appealing asset class for the foreseeable future. Our acquisition in Georgia demonstrates our capability for identifying and securing significant developments with promising growth potential.”

Copyright Press Releases 2020