OIA successfully develops real estate project in German city of Düsseldorf

Oman Wednesday 03/August/2022 21:20 PM
OIA successfully develops real estate project in German city of Düsseldorf
Photo: ONA

Muscat: Oman Investment Authority (OIA) announced the success of its Eclipse Tower development in the German city of Düsseldorf, a real estate project which has been successfully sold to Union Investment, a renowned Germany-based institutional investor months before the completion date, despite the challenges facing global supply chain of building materials.

Ibrahim Said Al Eisri, Director General of Private Equity at OIA, said that OIA always looks for investment opportunities in promising areas that promote economic diversity and contribute to the maximisation of revenues to be used in forming reserves and savings for future generations and realising financial sustainability.

OIA’s investments are currently distributed sector-wise and geographically over more than 40 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 of Oman.

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.”

Eclipse Tower, to be completed in the fourth quarter of 2022, enjoys a remarkable location that connects Dusseldorf city centre with the airport. It is characterised by its triangular shape and consists of 16 floors covering about 27,500 square metres of leased space with contemporary offices, multi-purpose rooms, and terraces with panoramic views. The tower 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.

Oman Investment Authority is targeting investments in the real estate sector according to a strategy that focuses on geographical diversity and striking 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.