Saudi group acquires US office property
Jeddah, September 1, 2013
Saudi-based Alkhabeer Capital and its investment partner, USAA Real Estate Company, have announced the acquisition of Park Ten Plaza, a three-storey, Class A office building in Houston, US.
The property is located in The Energy Corridor, Houston’s top performing and rapidly strengthening submarket, which is home to several of the world’s largest energy companies as well as over 300 multinational companies, said a statement from the Saudi firm.
Developed in 1999, Park Ten Plaza is located on 12.2 landscaped acres at the intersection of Highway 6 and Interstate 10 in West Houston.
The 155,140-sq-ft building is fully leased to eight tenants and is anchored by two full-floor international space users who occupy 69 per cent of the overall rentable area, it added.
Commenting on the move, Ammar Shata, Alkhabeer’s executive director & CEO said, “Following the successful launch and offering of our Central London Residential Development Private Fund, and in line with our strategy of offering our sophisticated investors unique and well managed opportunities globally, we have partnered with USAA Real Estate to complement our business plan with access to qualityreal estate investment opportunities in the US."
"We strongly believe in the depth of the US real estate market, and our focus in 2013 will be on quality,income-producing assets.We look forward to working with the USAA Real Estate Company team inbuilding a beneficial,long term relationship," he noted.
USAA Real Estate president & CEO Len O’Donnell said Park Ten Plaza’s location and diverse tenancy represented a very attractive institutional quality opportunity, affording Alkhabeer and USAA Real Estate Company strong cash flow with growth potential.
"This acquisition marks our initial acquisition with Alkhabeer Capital and we look forward to working with them on this and future investments," he added.
Alkhabeer Capital is a leading investment & asset management firm with offices in Jeddah and Riyadh.-TradeArabia News Service