November 19, 2014 - 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 a consortium of investors on the acquisition of a prime logistics warehouse in Oslo, Kingdom of Norway let to Onninen AS (“The Property”).

The property is a modern warehouse constructed in 2010 for Onninen AS, as their Norwegian headquarters and key distribution warehouse to serve their 28 stores in Norway. Onninen is a solid, privately-owned multinational company founded in 1913 and operating in the Nordics and Baltics. It is one of the largest electrical wholesale distributors in the Nordics and in Norway. The total site area of 82,231m2 consists of two independent buildings comprising of 25,974m2 of high specification offices and warehouse space, and is 100% leased to Onninen AS.

Arzan Wealth has advised a consortium of investors which includes Commercial Real Estate Company (“Al Tijaria”), a strategic partner to the acquisition. The acquisition of the property was based on the strong economic fundamentals of Norway. 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: “Arzan Wealth continues to arrange and advise on stable and income producing assets in diverse mature markets. Norway has a robust economy and in terms of GDP growth it has been consistently outperforming the EU Zone for the past decade and has one of the lowest unemployment rates in Europe. We feel that this asset, which is located in a well-established and vibrant business park alongside the major highway connecting Oslo to the airport, is consistent with our track record of steering our clients towards safety of principal combined with a high and predictable monthly income stream. We look forward to continuing to meet and exceed the expectations of our valued clients.”

ENDS