Sidra Capital, a Shariah compliant asset manager that specialises in income generating real estate, has completed the acquisition of the Coca Cola HQ office building in Uxbridge in West London for a price of €52 mln (£44 mln) representing a 7% net initial yield.
The town centre office property provides 122,000 sq ft (11,350 m2) of Grade-A office accommodation and is fully leased to long term tenant Coca Cola for an additional 6.5 years.
Sidra’s Chairman, Hani Baothman, commented: ‘We are delighted to have completed this value-add investment which complements our diverse UK portfolio that has been assembled over a number of years. While at present the asset is fully leased as an international HQ, given its location, the high-quality office space and massing potential the building present optionality to adapt as market conditions evolve.’
The financing for the acquisition was provided by the National Bank of Kuwait.
