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Kidderminster retail park acquired by ex-Dragon's Den star's company
6:40am Tuesday 3rd December 2013 in News
THE ownership of Kidderminster’s Crossley Retail Park has changed hands in a £41.5 million deal involving a company chaired by a former star of TV’s Dragon’s Den.
The park has been acquired from Chester Properties by 90 North Real Estate Partners LLP (90 North), whose chairman is James Caan.
A middle eastern investor, represented by Dubai-based Arzan Wealth, was advised on the purchase of Crossley Retail Park by 90 North, an independent investment advisory firm, specialising in Shari’ah-compliant real estate investment.
The property has 12 units, let to tenants including Currys PCWorld, Halfords, Pets at Home, The Range, Staples and Maplin Electronics.
The property is the first retail park acquisition advised by 90 North, for which there is said to be growing interest among 90 North’s Middle East investors.
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 million 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.”
Mr Caan 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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