90 North Real Estate Partners LLP (“90 North”) has advised a middle eastern investor represented by Dubai based Arzan Wealth, on the purchase of Crossley Retail Park, Kidderminster.
Situated in the town centre, the property comprises a total of 12 units (approximately 205,000 sq.ft.) let to well known tenants including Currys PCWorld, Halfords, Pets at Home, The Range, Staples and Maplin Electronics.
The property, purchased for £41,500,000 (net initial yield of 7.3%) is the first retail park acquisition advised by 90 North, for which there is growing interest amongst 90 North’s Middle East investors.
Bank financing for the acquisition was provided by Aareal Bank.
90 North and its client was represented by Wilkinson Williams. The vendor, Chester Properties was advised by HP4.
Nicholas Judd, Founder Partner of 90 North said: “Crossley Retail Park is an example of a typical out of town property, but located in the town centre. The investment platform we manage in partnership with Arzan Wealth has now acquired approximately £110,000,000 of property and we are seeking further substantial acquisitions across a range of real estate sectors for 2014”.
Philip Churchill, Founder Partner of 90 North said: “We will look back on 2013 as a fantastic year for 90 North with assets under management increasing more than threefold and Crossley Retail Park taking us into another new real estate sector.”
James Caan, Chairman of 90 North added: “once again we have demonstrated our ability to originate and transact across the UK property spectrum, with recent transactions including central London redevelopments, warehousing and student housing properties all structured in accordance with Islamic principles and ethics, key aspects which are at the core of 90 North’s business”
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