Saudi Arabia-based Sidra Capital has acquired a 90% stake in Arborcrest Corporate Campus, a five-building, 855,600-square-foot suburban office campus in Philadelphia with a strong concentration of life science tenants. JLL Capital Markets, which facilitated the $225 million recapitalization, says the deal is a prime example of increased foreign investment, particularly from Middle Eastern capital, in US life science properties.

The transaction is also illustrative of a rebound in investment appetite from global investors in October and November, which CBRE describes in a new report. It says that investor inquires reached 90% of pre-pandemic levels by mid-October after bottoming to record lows in the second quarter.

Both foreign and domestic investors drove the increase in activity. Foreign investors are targeting the US due to the relative resilience of the economy during the pandemic and for higher rates of return. Korea and Singapore have been first countries to rebound, a surprising event considering ongoing travel restrictions that prevent any in-person property tours, CBRE says. In the third quarter, Asia Pacific transaction volumes increased 44%, a total of $26 billion, led by Korea. Year-to-date transaction volumes are down 30%, however.