Sidra Capital’s announced its second foray into the US market. The Saudi based alternative investment house, completed the acquisition of Mercy Health headquarters in Cincinnati amounting to USD 90 million. The property which comprises of 34,000 square meters of office space is leased to Mercy Health, a premier health care provider who received A+ (Standard & Poor’s) and A2 (Moody’s) investment grading.
“We have been following and studying the Cinncinnati office market closely and the lack of speculative construction has kept the overall market vacancy rate in check. The Cincinnati office market recovery continues to be driven by robust job growth, and we predict that the expansion we witnessed in 2016 is set to carry through 2017 and into 2018. We expect the lack of new inventory, in conjunction with an expanding local economy will drive vacancy lower and asking rental rates higher.” said Hani Baothman, Vice Chairman of Sidra Capital.
Cincinnati has a vibrant business community and is home to 10 Fortune 500 company headquarters. Mercy Health is Ohio’s fourth largest employer supporting over 9,000 employees and 1,800 affiliated physicians.
The acquisition of AmerisourceBergen Corporation (Amerisource) HQ in Charlotte, South Caroina, a Fortune 500 company was Sidra Capital’s first foray in the US real estate market with a total value of USD 67.1 million.
Licensed by the Saudi Capital Market Authority in 2009, Sidra Capital is a Shari’ah compliant financial services company located in the Kingdom of Saudi Arabia which concentrates its efforts on Asset Management and Corporate Finance & Advisory. Its licenses allow it to perform dealing (as principal & underwriter), managing, arranging, advising and custody services.
Sidra Capital currently manages assets exceeding the worth of SAR 3.8 billion (as of May 2017) which are all invested in alternative investments. Backing its strong track record in creating innovative and award-winning products is the Sidra Capital’s Ancile Global Structured Trade Finance Fund, for example, which is currently the largest of its kind in the world and was the first of its kind in the Kingdom of Saudi Arabia.
Level 3, Al Murjanah Tower, Prince Sultan Street
PO Box 118528 21312 Jeddah. Saudi Arabia
Tel: +966 12 6029988
2022 © Sidra Capital. All Rights Reserved.