Sidra Capital has completed the acquisition of Kinnaird House, an office block in central London, on behalf of a Saudi Arabian investor for SR460m ($122.6m).
The landmark property located on Trafalgar Square was purchased from German fund manager GLL Real Estate.
Redeveloped in 2001, the six-storey building consists of 5,710 square metres of offices and 930 square metres of restaurant space. The office space has been let to McKinsey & Co until March 2018 while the restaurant is let to Mint Leaf until September 2037.
The asset is held on a long leasehold from The Crown Estate expiring in November 2126.
“London has historic, stable residential and commercial property markets and competitive capital appreciation, unrivalled by other European cities,” said Currim Oozeer, CEO of the Saudi Arabia-based Sidra Capital.
“Amid all the talks of Brexit, we are bullish about the long term prospect of the UK. We have been regularly managing investments in the UK and we are pleased to have secured this landmark building in a prime location in Central London, which proves that London is still attractive to serious GCC investors.”
Sidra Capital manages over SAR 1.5 billion ($399.9m) real estate investments. Around 76% of its real estate assets under management is invested in the UK, of which 57 percent is made up of development projects.