Press Release – Islamic Finance News – 90 North acquires US$127 million US trophy property
Shariah compliant and socially responsible real estate specialist 90 North Real Estate Partners has concluded its third US acquisition and single largest deal to date — the Lenovo Enterprise Campus in North Carolina’s Research Triangle Park for US$127 million. VINEETA TAN explores the significance of this deal.
Contracted by a new 13-year triple net lease to Lenovo (US) with a guarantee from its parent Lenovo Group (Hong Kong), the 450,000 sq ft property consists of two Class A four-storey buildings which can accommodate a further 100,000 sq ft of new development.
“This is a great acquisition for 90 North, one that really speaks to our commitment to investing in prime, trophy-caliber assets in North America,” explained Daniel T. Cooper, the head of 90 North US, in a statement to IFN. “The Lenovo Enterprise Campus has the stability and guarantee of a Fortune 500 company and the upside potential of the additional space being developed, and available to be developed, all within a prestigious research park environment.”
Despite the fall in global oil prices and inflation, the international real estate market continues to see growing demand across the board including in the UK, Norway and Germany as well as the US; which perhaps explains the commendable expansion of 90 North. The firm this year opened an office in Kuala Lumpur, Malaysia, following its expansion into the US (Chicago) last year and has its eyes on China. This most recent acquisition brings the value of transactions advised by the firm in the US alone to US$233 million and US$850 million globally in less than three years. The company is also looking at acquiring a logistic facility in Europe, founder and managing partner Philip Churchill told IFN.
Acting in the capacity of corporate advisor and asset manager, the deal was closed in partnership with Dubai’s Arzan Wealth, which acted as strategic advisor on the structuring and acquisition of the property. Brokered by Cushman & Wakefield, the property was sold by affiliates of the Philadelphia based Rubenstein Partners and its partner, Grubb Properties.
Article from Islamic Finance News