Kidderminster retail park acquired by ex-Dragon's Den star's company

Kidderminster Shuttle: Enter the dragon: Crossley Retail Park. Enter the dragon: Crossley Retail Park.

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.”

 

Comments (5)

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10:02pm Sat 7 Dec 13

MRSDEAKIN says...

what does Shari’ah-compliant real estate investment. mean?
what does Shari’ah-compliant real estate investment. mean? MRSDEAKIN

10:03pm Sat 7 Dec 13

MRSDEAKIN says...

a) Shariah Compliant Real Estate Investments
Certain trades and activities are considered to be haram, and are thus
prohibited under Shariah law. These include, but are not limited to:
• Gambling;
• The production or sale of alcoholic products;
• The production or sale of pork products; and
• Conventional financing activities.

hmmmm
a) Shariah Compliant Real Estate Investments Certain trades and activities are considered to be haram, and are thus prohibited under Shariah law. These include, but are not limited to: • Gambling; • The production or sale of alcoholic products; • The production or sale of pork products; and • Conventional financing activities. hmmmm MRSDEAKIN

8:28pm Sun 8 Dec 13

harryurz says...

There goes the new Greggs and the Bargain booze shop then !!
There goes the new Greggs and the Bargain booze shop then !! harryurz

9:53pm Mon 9 Dec 13

Phil Glover says...

Will this deal involve Sainsburys? If so, how will it affect their business?
Will this deal involve Sainsburys? If so, how will it affect their business? Phil Glover

12:59pm Mon 16 Dec 13

BQ says...

Sainsbury's isn't part of Crossley Retail Park. It is a seperate site to the retail park.
Sainsbury's isn't part of Crossley Retail Park. It is a seperate site to the retail park. BQ

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