The properties, totaling 94,214 square metres, are fully let to Deutsche Telekom. The total value of the transaction to acquire the properties was $208.6 million.
On announcing the closing, Mohamad Toufic Kanafani, Chief Executive Officer of Noriba, stated, 'We are very pleased with the reception of the market to this investment opportunity. We think that this reflects the exceptional quality of the investment.'
In January, Noriba Bank was named Best Islamic Real Estate Finance House for 2003 by London-based Euromoney magazine, which cited the outstanding quality of Noriba's previous real estate transactions in the United States and the United Kingdom.
Noriba Bank, a wholly owned subsidiary of Switzerland's UBS Group, is a Sharia-compliant wealth management firm offering a wide range of investment products, including real estate, Sukuk, trade finance, Range Murabaha, structured products, physical gold investments, equities, foreign exchange, investment funds, private equity and wealth management services.
Noriba closes Euro property offering
Noriba Bank has successfully closed its latest real estate offering, Noriba Euro commercial Properties I, which comprises six commercial properties located in six major metropolitan areas throughout Germany.
Bahrain: Tuesday, June 15 - 2004 at 17:34
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Wolfram BielensteinTuesday, June 15 - 2004 at 17:34 UAE local time (GMT+4)
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