Saudi-based asset management firm Sidra Capital has acquired the Coca-Cola HQ office building in Uxbridge in West London for £43.6 million, representing a 7% net initial yield.
The town centre office property provides 122,000 sq. ft. Grade A office accommodation and is fully leased to long-term tenant Coca-Cola for an additional 6.5 years.
Sidra 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 presents optionality to adapt as market conditions evolve.”
Acquisition finance was provided by the National Bank of Kuwait.
Nicholas Haber, Head of UK Commercial Real Estate Finance, commented: “We are privileged and delighted to have supported Sidra Capital on their latest UK Real Estate acquisition. We look forward to extending continued support to Sidra Capital’s strategy which targets prime regional office investments with long income and value-add opportunities.”