OIA Boosts its Future Generation Fund through a real estate office tower development in Düsseldorf
With a view to enhancing Future Generation Fund consisting of foreign and local assets in public and private markets and in properties, and in order to achieve greater returns for future generations. OIA in Joint venture with Die Developer Projektentwicklung announced the success of its Eclipse Tower development in the German city of Düsseldorf, a real estate project which has been successfully sold to a renowned German based institutional investor Union Investment months before the completion date, despite the challenges that affected the building materials supply chain worldwide.
Ibrahim Al Eisri - Director General of Private Equity at OIA, said that OIA always look for investment opportunities in promising areas that promote economic diversity and contribute to the maximization of revenues to be used in forming reserves and savings for future generations and realizing financial sustainability, given that OIA’s investments are currently distributed sectorally and geographically over more than forty countries across the globe. Moreover, OIA’s investment directives are aligned with the government vision to strengthen areas of economic cooperation with other countries with the aim of maintaining joint interest and finding international partners to attract FDI to the Sultanate.
Alejandro Obermeier, Head of Investment Management at Union Investment which bought the Tower, said: “by buying Eclipse Tower, we now own a well-known and competitive building with high quality, modern and flexible office space and high sustainability. Given the limited supply of high-quality spaces in remarkable locations in Düsseldorf, we expect to obtain good rental returns.”
Eclipse Tower, to be completed in Q4 2022, enjoys a remarkable location that connects Dusseldorf city center with the airport. It is characterized by its triangular shape and consists of 16 floors covering about 27,500 m2 of leased space with contemporary offices, multi-purpose rooms, and terraces with panoramic views. The tower is 60 m high and enjoys an attractive architectural and structural design.
The building uses a rooftop solar power system that supplies eco-friendly electricity to common areas of the office tower; in addition to 46 electronic charging poles in the underground car parking and bicycle parking. The building is controlled by smart building technology.
It is noteworthy that OIA is targeting investments in the real estate sector according to a strategy that focuses on geographical diversity and building partnerships with countries and investors who demonstrate great expertise/experience in this sector. OIA’s real estate portfolio is spread across numerous developments projects, value-added projects and key long-term projects; aiming to achieve good returns and mitigate risk rate in the long term.