Multiculturalism!

Via Express Star:

Crossley Retail Park in Kidderminster has been acquired from Chester Properties by a company known as 90 North Real Estate Partners LLP (90 North), which has James Caan as chairman.

A Middle Eastern investor, represented by Dubai-based Arzan Wealth, was advised on the purchase of the retail park by 90 North, an independent advisory firm specialising in Sharia-compliant real estate investment.

Certain trades and activities are prohibited under Sharia law and these include gambling, the production or sale of alcohol and the production or sale of pork.

However, where any real estate includes a shopping centre with, for instance, an off-licence, the investment can be structured so that part of the income is ‘purified’ by being donated to an Islamic charity.

Today, the move was welcomed by a senior leader at Wyre Forest Council who hopes the sale will lead to further investment in the town. The retail park, off St Mary’s Ring Road in Kidderminster, has 12 units, let to tenants including Currys PC World, Halfords, Pets at Home, The Range and Staples.

The property is the first retail park acquired with help from 90 North, and there is said to be growing interest among other Middle East investors. Nicholas Judd, founder partner of the company, said: “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”

HT: ROP