Dubai-based Arzan Wealth said it has joined hands with US-based 90 North Real Estate Partners to acquire the North American headquarters of French building materials giant Saint-Gobain for $123 million.

The 65-acre campus located in the Philadelphia suburban market of Malvern, Pennsylvania, US, serves as the North American HQ for Saint-Gobain, the world’s largest construction materials company, which was founded by King Louis XIV in 1665.

The agreement for the HQ campus,  was sealed following a comprehensive refurbishment by the seller and the signing of a 15 year lease, said a statement from Arzan Wealth, an advisory firm regulated by the Dubai Financial Services Authority.

The Property comprises a four-storey, 277,335-sq-ft office building and another two-storey, 43,891-sq-ft research and development building.

The buildings are designed with the open office concept and includes 116 collaborative spaces; a cafeteria, along with other food and beverage spaces; a fitness facility; and parking for approximately 1,100 automobiles.

The 35 acres of green space include a pond; a fountain; and 1.3 miles of walking trails, and provide sufficient space for the long term expansion needs of Saint-Gobain.

Arzan Wealth CEO Muhannad Abulhasan said: "The Saint-Gobain transaction exemplifies the company's philosophy, which is based on the pursuit of high quality assets that offer our clients capital protection and a predictable monthly income stream."

"The combination of the high specifications of the buildings, the location in a strong local market and the long-lease to a tenant with an excellent credit quality, makes this an ideal destination for the investment of legacy wealth that needs to survive the increasingly turbulent economic and geopolitical scene," observed Abulhasan.  

"We believe that investors need to increase their allocation to opportunities that offer safety and monthly income, and that means greater diversification towards mature global markets that offer much lower risks. We are proud of the trust that is being placed in Arzan Wealth by our clients, and we will continue to work tirelessly to preserve their wealth and protect their legacies," he added.

Headquartered in Mayfair, London, 90 North is an independent investment advisory firm, specialising in socially responsible real estate investment and with considerable experience working with Shari’ah compliant equity partners.  

The firm, which is headed by co-founders Philip Churchill and Nick Judd, has a US office in Downtown Chicago and a representative office in Kuala Lumpur, Malaysia.-TradeArabia News Service