Muscat – Oman Investment Authority (OIA) and its partner Die Developer Projektentwicklung have sold the Eclipse Tower in Düsseldorf, Germany, to Union Investment, an investment arm of the DZ Bank Group headquartered in Frankfurt.

OIA stated that the building has been sold to a renowned institutional investor months before completion date.

Completion of the 60m office tower is scheduled for the end of October. The building is triangular in shape, with 16 floors offering some 27,500sqm of rental space in total. It is located on one of the main arterial roads in the sought-after Kennedydamm submarket, which links the city centre to the airport.

“Our joint venture partner and we are very happy and grateful that, despite difficult times in building materials supply chains, we are still fully on schedule and will be able to complete and hand over the building before the end of this year,” said Stefan Mühling, managing director of Die Developer.

The architecturally and structurally attractive “office building of tomorrow” features state-of-the-art office configurations and collaboration zones, plus multi-level atriums and roof terraces on the 13th and 15th floors with panoramic views. The property is already around 90 per cent let.

Ibrahim al Eisri, director general of private equity in OIA, said the authority 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.

“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,” Eisri said.

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 aiming to achieve good returns and mitigate risk rate in the long term.