London-based Sharia-compliant investor 90 North Real Estate Partners has acquired a Primark retail property in Krefeld, Germany for €51 mln, in a deal financed by lender BayernLB.
London-based Sharia-compliant investor 90 North Real Estate Partners has acquired a Primark retail property in Krefeld, Germany for €51 mln, in a deal financed by lender BayernLB.
This is 90 North's fourth transaction in Europe and bring s its total investment in the region so far to €175 mln.
The asset is located in a downtown location in the city of Krefeld, which is in the administrative district of Dusseldorf. It is multi-tenanted and comprises 21,900 m2 of inner city retail space in a multi-level, completely renovated structure.
The property re-opened its doors in October 2014 and is in full operation having been comprehensively remodelled and refurbished.
90 North’s partner, Arzan Wealth (DIFC), a Dubai-based advisory firm regulated by the Dubai Financial Services Authority, acted as the strategic advisor on the structuring and acquisition of the property.