Property Week – James Caan’s 90 North breaks $1bn mark with German deal

Company reaches investment landmark with €51m deal for Primark-anchored retail asset in Krefeld.

James Caan-backed company 90 North Real Estate Partners has reached the landmark figure of $1bn (£650m) of real estate investments with the acquisition of a Primark anchored retail property in Krefeld, Germany, for €51m (£36.7m).

The deal is the company’s fourth in continental Europe and adds to its holdings in the UK and the US. The 235,000 sq ft asset is located in a prime downtown location in the city of Krefeld, near Düsseldorf, the sixth-largest city in Germany, and was acquired from Tenkho Properties, a retail-focused German developer.

It is let to retail tenants including Primark, Toys ‘R’ Us, and Rossmann, Germany’s second-largest pharmacy chain, in addition to a gym operator and a self-storage facility. Having been comprehensively remodelled and refurbished, the property reopened in October 2014. “This investment will provide a secure long-term income stream from a resurgent retail sector with international brands as anchor tenants,” said Cherine Aboulzelof, partner at 90 North. “The property benefts from the proximity to the wealthy Rhein Ruhr region and a wide catchment area.” Nick Judd, founder and head of investment at 90 North, added: “The Primark Krefeld retail property is our fourth European investment, taking our combined value of European investments to more than €175m, and is a particularly exciting venture for us. We are delighted to have reached the landmark achievement of $1bn in real estate transactions over the past few years and we continue to be acquisitive across the globe.”

90 North, which was set up in 2011 and is under the chairmanship of the former Dragons’ Den star, earlier this year opened an o ce in Kuala Lumpur, Malaysia, as it looks to expand its global presence further. The company’s partner, Arzan Wealth (DIFC), a Dubai-based advisory  rm regulated by the Dubai Financial Services Authority, acted as the strategic adviser on the structuring and acquisition of the property. Financing terms were agreed with BayernLB bank.

Article from Property Week