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Sidra Capital Completes Acquisition of Countryside PLC HQ in Brentwood, UK
Sidra Capital has announced the completion of its acquisition of a freehold Countryside House HQ in the M25 submarket of Brentwood, UK. The transaction is valued at £19 million.
The acquired property is fully let to Countryside PLC, a FTSE 250 company, on an unbroken 15-year lease and is undergoing a comprehensive £8 million refurbishment to transform the property to a state-of-the-art, future-proofed HQ building with excellent environmental credentials.
The Grade A office building is located in an established southeast submarket and benefits from excellent transport links to Central London and the rest of the UK. The three floors of office space comprise 38,878 sq. ft and the building provides 165 parking spaces, offering an excellent parking ratio of 1:1235 sq. ft. while enhancing an already extremely attractive working environment.
Commenting on the transaction, Hani Baothman, Chairman of Sidra Capital said, “We are pleased to have completed the acquisition of this exceptional HQ building whose value is enhanced by the long let to a strong tenant in an attractive M25 location. This demonstrates not only our commitment to the UK market but also to our belief that modern fit-for-purpose office buildings in strong locations will remain attractive to both tenants and investors. The transaction confirms our commitment to providing investors with attractive high-yielding investment opportunities in global mature markets that fulfill their investment objectives and aspirations.”
The transaction bolsters Sidra Capital’s real estate investment strategy in the UK, which is buoyed by the prospect of economic growth and renewed investor sentiment as the UK GDP returns to pre-Covid levels. A pent-up sales pipeline meant that over £1.3bn of stock was launched from September onwards resulting in the Q4 volume reaching £736m of completed deals with a further £707m under offer. “An easing of Covid-19 restrictions has served to rebuild investor confidence, which in turn brought liquidity and positive sentiment back to the market,” Baothman concluded.