UK: A consortium of Gulf-based investors has made a Shariah compliant acquisition of three office buildings in a Cambridge business park for GBP23 million (US$35.8 million).
The buildings were acquired through a joint venture with fund manager Alpha Tiger Property Trust, which contributed GBP1.2 million (US$1.9 million). The consortium was advised by WW Advisors.
David Swan, the managing director of WW Advisors, said that this is the consortium’s second acquisition in the UK for a 19-asset portfolio; the first was a three-way joint venture to purchase a shopping center last month.
Swan revealed that the consortium is focusing more towards diversification in their acquisitions, adding that WW Advisors are now in negotiations to purchase a mixed-use UK asset for the consortium.
The group of investors is led by an unnamed pension fund and a private equity firm, comprising Gulf-based pension funds and family offices.