90 North, the investment advisory firm responsible for investing in real estate on behalf of Middle Eastern investors, has entered into exclusivity to buy telecoms company Deutsche Telekom’s Hamburg office campus in a deal valued at about €120 million.
The firm declined to comment, but PERE has learned that the London-based firm is expected to forward-fund the development of the campus, which will provide for Deutsche Telekom about 366,000 square feet of office space. Development is scheduled to conclude in mid-2016.
The acquisition, if completed, would follow its €86.5 million acquisition of Drakehouse Retail Park in the UK from UK property company Hammerson, which was announced earlier this week.
Since its founding by Philip Churchill and Nicholas Judd in 2011, the firm has deployed more than €575 million of equity on behalf of Middle Eastern investors in property deals in Europe and the US.
The London-based firm also operates from offices in Chicago and Kuala Lumpur.