Dubai, 15 Dec 2015 - Arzan Wealth (DIFC) Limited ('Arzan Wealth'), a Dubai-based advisory firm regulated by the Dubai Financial Services Authority, is pleased to announce that it has advised on the acquisition of a newly built, high quality office HQ building fully let to Centrica Norway Ltd. "Centrica Energy" – a wholly owned subsidiary of Centrica PLC ("the Property").
The Property, which is newly constructed, is fully leased to Centrica Energy for a term of 10 years, and comprises 10,392 sq.m. of office space, and was completed in March 2015.
Located in Stavanger, Norway, referred to as the "oil capital" of Norway, the Property is located on the waterfront and is just a 15 minute walk from Stavanger city center with excellent airport, railway and bus connectivity. The Property is located in a prosperous mixed-use office and residential area.
With one of the highest GDP per capita levels in the world, Norway also has the largest sovereign wealth fund. It enjoys a stable, growing and well-managed economy and a high standard of living. The real estate market is very liquid and has been attracting increasing global capital flows. Arzan Wealth acted as the Strategic Advisor on the structuring and acquisition of the Property, in joint venture with the Property Advisor, 90 North Real Estate Partners, a strategic partner of Arzan Wealth.
Muhannad Abulhasan, CEO of Arzan Wealth said: "We continue to find attractive opportunities in the Norwegian market on behalf of our clients, and we believe that our strategy of advising on very safe real estate acquisitions that offer a predictable monthly income stream is appropriate and prudent in the midst of the current turbulent economic and geopolitical environment. We believe investors are right to increase their allocation to the safety and security of high quality, income-producing real estate assets in mature and developed markets in Europe and the US. Arzan Wealth is proud to be the advisor of choice to its clients as they increasingly deploy capital into assets that focus on preservation of wealth and protection of legacies."
ENDS
