Dubai, United Arab Emirates - Tuesday, December 15th 2015 [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 on the acquisition of a newly built, high quality office HQ building fully let to Centrica Norway Ltd. “Centrica Energy” – a wholly owned subsidiary of Centrica PLC (“the Property”).
The Property, which is newly constructed, is fully leased to Centrica Energy for a term of 10 years, and comprises 10,392 sq.m. of office space, and was completed in March 2015.
Located in Stavanger, Norway, referred to as the “oil capital” of Norway, the Property is located on the waterfront and is just a 15 minute walk from Stavanger city center with excellent airport, railway and bus connectivity. The Property is located in a prosperous mixed-use office and residential area.
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: “We continue to find attractive opportunities in the Norwegian market on behalf of our clients, and we believe that our strategy of advising on very safe real estate acquisitions that offer a predictable monthly income stream is appropriate and prudent in the midst of the current turbulent economic and geopolitical environment. We believe investors are right to increase their allocation to the safety and security of high quality, income-producing real estate assets in mature and developed markets in Europe and the US. Arzan Wealth is proud to be the advisor of choice to its clients as they increasingly deploy capital into assets that focus on preservation of wealth and protection of legacies.”
Notes to Editors
Arzan Wealth (DIFC) Limited
Arzan Wealth is an investment advisory firm registered at the Dubai International Financial Centre (DIFC), and is regulated by the Dubai Financial Services Authority (DFSA). Arzan Wealth currently advises various professional clients on real estate, private equity and other investments worth a total of just over US$ 1Billion. Arzan Wealth focuses on arranging yielding investments in major global markets, as well as bespoke investments that meet the requirements of specific clients.
About 90 North Real Estate Partners LLP
90 North is an independent investment advisory firm, specialising in socially responsible real estate investment, and with considerable experience working with Shari’ah compliant equity partners. Headquartered in Mayfair, London, 90 North has a US office in Downtown Chicago and a representative office in Kuala Lumpur, Malaysia. Since June 2012, 90 North has closed over US$1Billion (€900 Million/£650 Million) of real estate transactions, working with its equity partners.
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