£55m city centre deal
Saudi investor Arbah Capital buys Glasgow retail block
Sold: Sauchiehall building
Saudi Arabia investment firm Arbah Capital has acquired the Sauchiehall building in Glasgow from KKR and Quadrant Estates for £55m.
The building comprises 309,000 sq ft over eight floors, with retail tenants including Primark, TK Maxx, PureGym, Sports Direct, Superdrug and WH Smith, with a multi-storey car park above the property operated by Q-Park.
Arbah Capital completed the deal using a shariah compliant investment structure. The investment firm, which is licensed by the kingdom’s Capital Market Authority (CMA), added that the Sauchiehall building aligned with its main strategy to focus on acquisitions of distinctive assets.
Mr. Mahmood Al Kooheji, CEO of Arbah Capital, stated: “The Sauchiehall acquisition focuses on attaining value at a time of uncertainty in the UK, buying a core asset in a prime location at an attractive cap rate.”
The investor was advised by 90 North Real Estate, JLL and Pinsent Masons. Montagu Evans, Simpson Thacher and Burness Paull represented KKR and Quadrant Estates.