A consortium of investors in Arzan Wealth has acquired the global headquarters building of Lenovo’s Enterprise at Raleigh North Carolina for $127 million.
Arzan Wealth is an investment advisory firm registered at the Dubai International Financial Center (DIFC) and is a subsidiary of Kuwait's Arzan Financial Group. (The 67 acre campus is located at the Research Triangle Park and was originally developed in 1995 for Ericsson. It is currently leased to Lenovo under a 13 year lease agreement).
Arzan Wealth is listed in the Middle East Investors Directory with the code FE156.
More details follows:
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 $ 127,000,000 acquisition of the global headquarters building of Lenovo’s Enterprise Server Division at Research Triangle Park, in Raleigh North Carolina, USA (“The Property”).
The 67 acre campus featuring a lake, nature preserve, jogging trails, and recreation area, includes two recently renovated office buildings totaling 445,484sqft and a 39,952 sqft mixed-use office/ laboratory building currently under construction. The major renovations during 2014 involved an investment of more than $100m by Lenovo and the seller.
The Property was originally developed in 1995 & 1998 for Ericsson, and has functioned as a recognized corporate center for nearly 20 years. The property is 100% leased to Lenovo Inc. the operating entity for Lenovo Group Limited, under a 13 year triple-net lease agreement, with a 2.6% fixed annual rent increase and two 5-year options to extend the lease.
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 in several global markets. The consortium of international investors was composed of various corporate and individual clients, and included Arzan Wealth’s long-term investor partner, Commercial Real Estate Company (“Al Tijaria”).
Muhannad Abulhasan, CEO of Arzan Wealth said:
“The Lenovo headquarters campus is the kind of high quality transaction that our clients have come to expect as they seek to diversify their portfolios internationally, in a prudent and cautious manner and with a primary objective of capital preservation and an attractive monthly income. We are proud that so many corporates and individuals rely on Arzan Wealth to help nurture their wealth and preserve their legacies for future generations.”
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