September 4, 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 funding and acquisition of a majority stake in Ashbourne Beech Property Limited BVI (“Ashbourne”), which controls the development rights over a prime 44,535 sqm (11 acre) site, one of the last remaining undeveloped strategic sites in the Docklands (adjacent to Canary Wharf), London (the “Site”).
Ashbourne owns the development rights to the Site, which currently accommodates an ASDA supermarket and associated parking lot. Subject to formal planning approval this important regeneration project will provide for the development of a new supermarket plus mid-level and affordable residential units with a gross development value in excess of GBP 420m.
Arzan Wealth and its strategic partners, 90 North Real Estate Partners (“90 North”), and specialist residential developer RER London Limited (“RER”), have arranged and structured the transaction, and will jointly have an ongoing advisory relationship with the consortium of investors.
Muhannad Abulhasan, CEO of Arzan Wealth commented: “The London residential property market has historically attracted foreign capital into luxury developments of highly priced apartments for wealthy international buyers. This has created a shortage of affordable and middle income residential units for the general London population, leading to intense political pressure to increase the supply of more affordable housing in London. We believe that this investment is well-positioned to address this large market requirement, and are confident that we can help provide a significant number of the kind of housing units the market desperately needs, while delivering superior risk-adjusted returns to our clients. Arzan Wealth is pleased to be the arranger and adviser on this innovative and unique investment opportunity, which has been concluded as part of our growing strategic partnership with 90 North.”
Arzan Wealth (DIFC) Limited
Arzan Wealth is an investment advisory firm registered at the Dubai International Financial Center (DIFC), and is regulated by the Dubai Financial Services Authority (DFSA). Arzan Wealth currently advises various clients on real estate, private equity and other investments worth a total of approximately USD800mn. Arzan Wealth focuses on arranging yielding investments in major global markets, as well as bespoke investments that meet the requirements of specific clients.
90 North Real Estate Partners LLP
90 North is an independent investment advisory firm based in London, specialising in ethical and Shari’ah compliant real estate investment. Co-Founder Partners are Philip Churchill and Nicholas Judd, with former BBC Dragons’ Den James Caan as Chairman of the business. The Founder Partners combine substantial property and other transactional experience, excellent track records with an absolute focus on property fundamentals to deliver superior risk adjusted returns and protect and enhance wealth. In the past 2 years, 90 North has transacted on approximately GBP430mn of real estate transactions in the UK, Europe and the US, working in close partnership with Gulf based institutions.90 North opened it US office in Chicago in June 2014.
RER London Limited
RER London Ltd is a property development company focusing on high quality London schemes. The company was formed by Tim Farrow and Martin Simms who together have many years of experience in this market. RER London’s current developments are located around Central London and have a combined value of GBP 500mn.