Saudi-based sharia-compliant asset manager, Sedco Capital, has reaped a US$26 million profit from its sale of an office property in Germany.
The multi-let office property called ABC West was bought back in 2017 for $33.1 million and sold for $59.6 amounting to an internal rate of return of 30% for its investors.
The 13,723 square metre office space is located in Frankfurt and was managed by German real estate asset manager, GLL Real Estate Partners.
The successful exit was hailed by Sedco Capital’s chief executive Samer Abu Aker as “a testament of our ability to leverage our market expertise and strong network of international partners” enabling it to sell at a favourable price in challenging global market conditions.
Aker also said that the firm would continue to “identify investment opportunities [in Europe] that fit within the framework of our ethical investment principles”.
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