Saudi-based Cedar Tree Investments acquires four UK properties for $49 mln

Private equity investor Cedar Tree Investments, managed by Saudi-based AIMS Investments, has acquired a portfolio of four assets in Manchester City Center for a total value of $49.6 million.

The portfolio, being sold on behalf of Manchester Apartments (property and lettings division of Beech Holdings), comprises four freehold rental properties across the city with 163 units in total.

The properties included in the sale are Basil House (105-107 Portland Street), Salisbury House (123 Princess Street), 51 King Street and 341 Great Western Street, the company said in a statement. 

Funding for the acquisition was sourced from the UK arm of Abu Dhabi Islamic Bank, the statement added.

“The acquisition of high-quality assets, located in prime locations within a major regional market, is an important step towards realizing the investment strategy for Cedar Tree Investments in the UK,” Abdulaziz Albassam, CEO of AIMS Investments, said.

“We remain committed to establishing a sizeable portfolio in the UK over the coming two to three years,” he noted.