Dubai, United Arab Emirates - Wednesday, November 19th 2014 [ME NewsWire]
Arzan
Wealth (DIFC) Limited (‘Arzan Wealth’), a Dubai-based advisory firm
regulated by the Dubai Financial Services Authority, is pleased to
announce that it has advised a consortium of investors on the
acquisition of a prime logistics warehouse in Oslo, Kingdom of Norway
let to Onninen AS (“The Property”).
The property is a modern
warehouse constructed in 2010 for Onninen AS, as their Norwegian
headquarters and key distribution warehouse to serve their 28 stores in
Norway. Onninen is a solid, privately-owned multinational company
founded in 1913 and operating in the Nordics and Baltics. It is one of
the largest electrical wholesale distributors in the Nordics and in
Norway. The total site area of 82,231m2 consists of two independent
buildings comprising of 25,974m2 of high specification offices and
warehouse space, and is 100% leased to Onninen AS.
Arzan Wealth has
advised a consortium of investors which includes Commercial Real Estate
Company (“Al Tijaria”), a strategic partner to the acquisition. The
acquisition of the property was based on the strong economic
fundamentals of Norway. With one of the highest GDP per capita levels in
the world, Norway also has the largest sovereign wealth fund. It enjoys
a stable, growing and well-managed economy and a high standard of
living. The real estate market is very liquid and has been attracting
increasing global capital flows.
Arzan Wealth acted as the Strategic
Advisor on the structuring and acquisition of the Property, in joint
venture with the Property Advisor, 90 North Real Estate Partners, a
strategic partner of Arzan Wealth.
Muhannad Abulhasan, CEO of Arzan
Wealth said: “Arzan Wealth continues to arrange and advise on stable and
income producing assets in diverse mature markets. Norway has a robust
economy and in terms of GDP growth it has been consistently
outperforming the EU Zone for the past decade and has one of the lowest
unemployment rates in Europe. We feel that this asset, which is located
in a well-established and vibrant business park alongside the major
highway connecting Oslo to the airport, is consistent with our track
record of steering our clients towards safety of principal combined with
a high and predictable monthly income stream. We look forward to
continuing to meet and exceed the expectations of our valued clients.”
ENDS
Notes to Editors
Arzan Wealth (DIFC) Limited
Arzan
Wealth is an investment advisory firm registered at the Dubai
International Financial Center (DIFC), and is regulated by the Dubai
Financial Services Authority (DFSA). Arzan Wealth currently advises
various clients on real estate, private equity and other investments
worth a total of approximately USD920mn. Arzan Wealth focuses on
arranging yielding investments in major global markets, as well as
bespoke investments that meet the requirements of specific clients.
90 North Real Estate Partners LLP
90
North is an independent investment advisory firm based in London,
specialising in ethical and Shari’ah compliant real estate investment.
Co-Founder Partners are Philip Churchill and Nicholas Judd, with former
BBC Dragons’ Den James Caan as Chairman of the business. The Founder
Partners combine substantial property and other transactional
experience, excellent track records with an absolute focus on property
fundamentals to deliver superior risk adjusted returns and protect and
enhance wealth.
In the past 2 years, 90 North has transacted on
approximately £465,000,000 ($760,000,000) of real estate transactions in
the UK, US and Europe, working in close partnership with Gulf based
institutions.
90 North opened its US office in Chicago in June 2014, headed by Dan Cooper.
Contacts
Ahmad AlSabbrei
Investment Analyst
a.alsabbrei@arzanwealth.com
+965 9988 8624
Jawaher Menassa
Head of Marketing & Client Relations
j.menassa@arzanwealth.com
+971 504576347
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