“Certain trades and activities are prohibited under Sharia law and these include gambling, the production or sale of alcohol and the production or sale of pork. However, where any real estate includes a shopping centre with, for instance, an off-licence, the investment can be structured so that part of the income is “˜purified” by being donated to an Islamic charity.” So the shopping center will not necessarily be free of alcohol or pork, but if it sells those things, the money will go to an Islamic charity — many of which have been shut down for funneling charitable contributions to jihad groups.
James Caan is a Pakistan-born entrepreneur in Britain; his real name is Nazim Khan, but he renamed himself after the famous actor. “TV dragon James Caan swoops to buy Â£41m retail park,” from the Express & Star, December 8 (thanks to The Religion of Peace):
A major retail park has been sold to a group headed by a former star of TV”s Dragons” Den in a Â£41.5 million deal — and will be subject to Islamic law restrictions.
Crossley Retail Park in Kidderminster has been acquired from Chester Properties by a company known as 90 North Real Estate Partners LLP (90 North), which has James Caan as chairman.
A Middle Eastern investor, represented by Dubai-based Arzan Wealth, was advised on the purchase of the retail park by 90 North, an independent advisory firm specialising in Sharia-compliant real estate investment.
Certain trades and activities are prohibited under Sharia law and these include gambling, the production or sale of alcohol and the production or sale of pork.
However, where any real estate includes a shopping centre with, for instance, an off-licence, the investment can be structured so that part of the income is “˜purified” by being donated to an Islamic charity.
Today, the move was welcomed by a senior leader at Wyre Forest Council who hopes the sale will lead to further investment in the town. The retail park, off St Mary”s Ring Road in Kidderminster, has 12 units, let to tenants including Currys PC World, Halfords, Pets at Home, The Range and Staples.
The property is the first retail park acquired with help from 90 North, and there is said to be growing interest among other Middle East investors. Nicholas Judd, founder partner of the company, said: “The investment platform we manage in partnership with Arzan Wealth has now acquired approximately Â£110 million of property and we are seeking further substantial acquisitions”
Mr Caan said: “Once again, we have demonstrated our ability to originate and transact across the UK property spectrum, with recent transactions including central London redevelopments, warehousing and student housing properties, all structured in accordance with Islamic principles.”
He said that these were “˜key aspects” at the core of 90 North’s business. Councillor Fran Oborski, chairman of Wyre Forest District Council, said: “As long as the new owner continues to invest in the site and ensure we have no empty properties there, I think we will all be happy.
“I think this shows that the retail interest in Kidderminster is looking up, the sale figure is a healthy price. If we can get the investment there, it would be nice to see someone come in and fill the empty shops in the town centre.”
Oh yes, we will all be happy.