London-based Arab Investments is close to completing over EUR 350 mln worth of deals in Germany for its two Shariah-compliant funds. This week, the investor acquired Berlin's Zehlendorfer Welle retail property from developer OFB Projektentwicklung for some EUR 70 mln, or a yield of 6.1%. The transaction includes 70% of debt, which is provided by German lender Helaba. The property, which is nearly fully let, consists of 23,000 m[sup]2[/sup] of space mostly let to C&A, Fitness First and Saturn. Lars-Oliver Breuer, managing director of Savills Immobilien Beratungs which advised the buyer, says that the deal was first signed as a forward-commitment transaction in 2007 and took almost two years to complete.
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