Riyadh - Mubasher: Global Sharia-compliant asset manager, SEDCO Capital, has exited German-based ABC West, a multi-let office property, achieving an internal rate of return (IRR) of 30% for its investors.

The property was sold for EUR 52.9 million, compared to a purchase price of EUR 29.4 million in 2017, according to a press release on Monday.

Situated in Frankfurt, ABC West is a 13,723 square metre office space managed by GLL Real Estate Partners GmbH, a European real estate asset manager.

Besides a more than EUR 485 million of investments made in European real estate, SEDCO Capital’s international real estate team also manages a diverse portfolio of properties that consists of industrial, healthcare, retail, and office buildings, extended across the UK, Germany, France, and Italy. 

Commenting on the exit, CEO of SEDCO Capital, Samer Abu Aker, said: “This is a testament of our ability to leverage our market expertise and strong network of international partners which enables us to identify both attractive real estate investment opportunities and sell at a favourable price.”

Head of International Real Estate at SEDCO Capital, Aly Meghani, added: “We are proud of having successfully executed our value-add business plan for ABC West, delivering strong outperformance despite prevailing uncertain macroeconomic conditions. We remain disciplined in our search for compelling investment opportunities in Europe, which will further our commitment to keeping our investors’ interest at the heart of every calculated decision we make.”

Excluding the sale of ABC West, SEDCO Capital has successfully made 12 real estate divestments in the US, Europe, and Asia between 2001 to 2019. The properties span various sectors in the US and Europe, representing an average IRR of 11.7%.