The sale of a Texas-based property for $29.95 million has capped a successful exit from its real estate investment for Saudi asset manager Sedco Capital.
The transaction, completed in January, realised an IRR of 11.24% for Sedco’s investors.
The property, 170,000sq ft of office space in Fort Worth currently leased to a pharmaceutical manufacturer, was acquired by Sedco back in 2001.
The asset manager has also acquired more real estate in the US, paying $52.5 million for a share of an Atlanta-based apartment complex named Willis Avondale Estates.
“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,” said Sherif Selim, executive vice president and head of global real estate at Sedco Capital.
“Our acquisition in Georgia demonstrates our capability for identifying and securing significant developments with promising growth potential.”
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