Sedco Capital, a Saudi licensed asset manager, said it acquired seven quality properties over the past 19 months of a total of 88,000 square meters of built up area across the kingdom for a total cost of $126 million, according to Trade Arabia.
The main purchases of Sedco include several retail outlets and schools, mainly located in Riyadh and Dammam.
The company acquired the properties on behalf of the Sedco Capital Real Estate Income Fund II, set up in 2014. The fund is a Shariah-compliant, close-ended investment fund under management of Sedco Capital itself as the fund manager.
CEO Hassan Al Jabri stated that the total assets under management of Sedco Capital had reached the $5.2 billion mark, referring to this as “a testament to the confidence our clients have placed in our team and our approach.”
With the recent purchases, Sedco’s real estate portfolio in Saudi Arabia now exceeds $293 million in 15 assets, according to Al Jabri.