JLL have assisted Brennan Investment and Arbah Capital to ink a Shariah-compliant joint venture equity partnership, media reports said. JLL is a Chicago-headquartered commercial real estate services company.
It is reported that JLL has arranged a $22.9 million loan for the acquisition of a five-property industrial portfolio in the US. The properties are located in Minnesota, Illinois, Iowa and Michigan covering over 557,000 square feet of light industrial and flex space.
Mahmood Y. Al Kooheji, CEO of Arbah Capital, told the media, “It has been a pleasure to work with JLL and BIG on this transaction, which posed a number of challenges in this environment. We were very impressed with the professionalism and pragmatism of our partners to get this deal over the line. Arbah looks forward to building on our relationships for more success in the future.”
In addition to the partnership, JLL is working with Wintrust Bank to set up a five-year, floating-rate loan for the deal.
The joint venture equity partnership process was led by Claudio V. Sgobba, Senior Director, JLL’s London office and Christopher Carroll, managing director, JLL’s Chicago office including other top-level officials.
JLL provides services to real estate investors and occupiers across the globe. The firm specialises in delivering in-class solutions for clients; whether it is recapitalisation, debt placement, investment advisory or equity placement. There are over 3,700 capital markets assets under the company’s portfolio with offices in 50 countries.