(MENAFN - Arab News) Sidra Capital (Sidra), a CMA regulated Shariah-compliant financial services company based in Saudi Arabia, and Gatehouse Bank (Gatehouse), an FSA regulated UK-based Shariah compliant bank specializing in UK real estate, have announced and distributed the second round of net dividends distribution of 7 percent annualized for Sterling UK Real Estate Fund (SURF or Fund).
The latest dividends distribution maintains the threshold set in the first round of distribution in June of 7 percent net annualized, higher than the fund's targeted dividend of 6.5 percent per annum. The distribution was made from income generated by SURF's previous acquisitions; namely the Co-operative Distribution Unit, Huntingdon, Cambridge, TDG Distribution Centre in Glasgow, and its latest acquisition of Adobe Systems Inc. EMEA Headquarters in Maidenhead, which was completed in September 2012.
To-date, the fund's total portfolio size stands at approximately 80,000,000 pounds. Hani Othman Baothman, MD & CEO of Sidra and a board member of SURF, said: "This round of distribution for SURF will further enhance Sidra's credibility in undertaking investments in UK real-estate. SURF is abound with investment opportunities, attributed by various external factors, including attractive exchange rates but we prefer to remain cautious and conservative in our investment strategies keeping them aligned with the fund's objectives. Though yield is important, sustainable yield and preservation of capital is a priority for SURF." Ammar Zahran, chairman of the board of directors of Al Murjan Holdings and a significant investor in SURF, expressed his pleasure on the return distributed by SURF. "Given the conservative investment strategy adopted by the fund, the distributed return is indeed commendable.
I have complete confidence in SURF's investment team and look forward to future returns as they look to acquire additional properties."