Press Release

Sidra Capital And 90 North Acquire Quest Apartment Hotel In A $24.3M Deal

Sidra Capital, acting as Strategic Adviser, and 90 North Real Estate Partners (“90 North”), acting as Property and Investment Adviser, have acquired the brand-new Quest Apartment Hotel (“Quest”) in Greater Springfield, Queensland, in a transaction worth A$24.3 million.

This transaction marks Sidra Capital’s first foray into the Australian market in search of high quality, Shari’ah compliant assets that provide optimal returns to its investors.

“Capitalising on Sidra Capital’s focused investment strategy, coupled with our expanding network of offices and partners, we are able to provide investors access to a wide range of unique and diversified investment opportunities and high-quality asset classes in global markets,” said Hani Baothman, Vice Chairman of Sidra Capital. “Accordingly, we are delighted to partner with 90 North in this acquisition, which extends Sidra Capital’s global footprint into the dynamic nation of Australia, the sixth largest country in the world, where the acquired property is strategically located in a prime area of Springfield, one of the newest and fastest growing cities in Queensland.”

Quest Springfield Central, which officially opened on 5 March 2018, provides 82 serviced apartment-style hotel rooms. The brand-new development, which also includes a childcare centre and three ground floor retail units, has been let on 15-year leases with fixed uplifts.

Located south-west of Brisbane, Greater Springfield is Australia’s first privately built city and the country’s largest master planned community (tenth largest globally). Quest Springfield Central, based in the City’s combined 52ha Health City precinct, which will have an ultimate value of A$6bn. It is located opposite one of Australia’s newest and most advanced private hospitals, the Mater Private Hospital Springfield and is next to special medical suites which are currently under construction. Quest Springfield Central will also support a significant regional cancer-care facility. Having already attracted nearly A$15billion in both private and public investment, Greater Springfield continues to grow by about 18 per cent per annum and has a rapidly expanding population of nearly 40,000.

90 North and Sidra Capital acquired Quest Springfield Central from the Springfield City Group (formerly Springfield Land Corporation). Kane Constructions was the builder.