SAUDI-based Sidra Capital and London-based 90 North Real Estate Partners LLP announced the acquisition of Drakehouse Retail Park, Sheffield, UK on behalf of Button Property UK Ltd. Sidra Capital is acting as Strategic Advisor while 90 North is acting as Property & Investment Advisor. Drakehouse is the largest retail park in Sheffield at 21,000M². The purchase price of SR353 million (£61.7 million) represents a net initial yield of 6.4% and is the single largest transaction Sidra Capital has worked on. Situated within a dominant retail location just seven miles south-east of Sheffield city center, the scheme is fully let to 18 tenants including Homebase, Halfords, Currys, PC World and B&M. In addition there is a 830 space car park. Hani Baothman, CEO of Sidra Capital, said: “This project shows how our clients benefit from Sidra Capital's international network of strategic partners. This property will enhance the quality of our client's global real estate portfolio, particularly from a cash yield perspective.” Matthew Hills, Partner at 90 North, said: “We are delighted to have acquired this fully let asset on behalf of our clients. With a diversified household name tenant line-up Drakehouse is an important retail facility that serves a large catchment within one of the UK's largest cities.” David Atkins, Chief Executive of Hammerson, said: “The disposal of Drakehouse enables us to reallocate capital across our retail portfolio, including to our significant London retail development projects at Croydon and Brent Cross. Sidra Capital's strong international strategic relationships allow the company to provide the highest level of expertise and market insight to their investors in Saudi Arabia and the GCC, while providing complete transparency in their business operations. Ever a pioneer in the investment world, Sidra Capital has a strong track record in creating innovative and award-winning products. Sidra Capital's Ancile Global Structured Trade Finance Fund, for example, was the first of its kind in the Kingdom of Saudi Arabia and was honored as ‘The Best Structured Islamic Trade Finance' by Triple AAA Islamic Finance Awards in 2013. — SG
