Saudi-based Arbah Capital announces the acquisition for its investors of the Commonwealth Campus, a $59m high income producing diversified medical campus in Port Richmond, Philadelphia, United States, with prominent tenants such as Ambrosia Treatment Centers Group, Temple Health University and Northeastern Partners.
Arbah is proud to partner with Hampshire Stateside in this transaction. Hampshire Companies are an experienced real estate manager who manage more than 270 properties and have an AUM of over $2.4bn in the US.
The medical sector has remained particularly resilient during the unfortunate Covid-19 pandemic and has proven to be a very defensive sector. This provides a certain degree of stability for the investment in an increasingly volatile economic climate. Arbah was able to secure the acquisition at a significant discount to the market valuation carried out by CBRE which will provide further security to our investors. Port Richmond, only a 15 minute drive from Downtown, as an area is seeing a process of gentrification, similar to what has happened in neighboring Fishtown, which provides a strong real estate based stimulus for future valuation growth. Philadelphia is known as medical and education hub and it is estimated that 1/5 of all US physicians trained here. The property itself has undergone more than $$23m in recent refurbishment including a brand new building on site which will open as a new outpatient facility for Ambrosia, and a wellbeing center which is due to open in January 2021.
Mr, Mahmood Al Kooheji, CEO of Arbah Capital has previously stated “ the key philosophy of Arbah is to find for its investors the right growth segments, and to structure investments in those segments with leading partners who have a proven track record. Arbah’s reputation and professionalism attracts best in class partners to offer value added investments to its investors.” Mr Al Kooheji added, “Arbah is very proud to have once again found and executed such an excellent investment in a growing segment. Arbah has continued to remain ahead of the curve in a very challenging year.”
Mr Al Kooheji has also previously stated that, “Arbah’s main strategy focuses on acquisition of distinctive assets within excellent locations in defensive sectors like social infrastructure. …which reflects our investment strategy in finding exclusive high-quality opportunities for our investors. It is these types of investments which will broaden the value creation prospects for our investors within the international market and contribute to our journey into becoming a leading Investment Bank in the region.” Mr Al Kooheji added that, “this investment and the investments which Arbah has successfully made this year, demonstrates how our strategy has been very well thought out and insightful, with a long term focus on growth. I am very thankful for the support of our Board and all of my team for continuing to implement our core strategy which is serving us so well.”
Mr Al Kooheji previously mentioned that “We are always very sensitive to the needs of the time, and Arbah is aiming to launch other products soon which address the key concerns that we now face and build sustainability for the future.” He now added that “we are currently working to introduce Purpose Based Student Housing into KSA, build on further assets in Senior Living and the Industrial sectors, and are looking to soon launch a true commodity murabaha fund which will provide liquidity and excellent yield to investors. These products we believe are innovative and in defensive areas, which will provide investors with a degree of stability and comfort, at a time of such great volatility in other markets.
We send our prayers and well wishes to all and may Allah protect us all with His Mercy especially in these difficult and challenging times. Amin”
Arbah Capital is an Investment firm licensed by the Capital Market Authority in Kingdom of Saudi Arabia and headquartered in Dammam.
Mr. Mahmood Alkooheji, Chief Executive Office, Arbah Capital