- Danielle Wightman-Stone |
Saudi Arabia-based investment firm Arbah Capital has acquired the Sauchiehall building in Glasgow from KKR and Quadrant Estates for approximately 60 million pounds.
The building, which is one of the prominent retail blocks on Sauchiehall Street in Glasgow's city centre, houses retail tenants including Primark, TK Maxx, and Sports Direct, and represents a core long term investment added the Arbah Capital and was acquired through a shariah compliant investment structure.
The investment property comprises a mixed use of 309,000 square feet of lower ground, ground and six upper floors, with a multi-storey car park above the property, offering a diversified mix of fashion, fitness, restaurants, healthcare and beauty.
Mahmood Al Kooheji, chief executive of Arbah Capital, said in a statement: "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 investment profiles solid defensive tenants including Primark which occupies the largest retailing unit of the Sauchiehall block.”
The investment firm added that the Sauchiehall building aligned with its main strategy to focusing on “acquisitions of distinctive assets within excellent locations”.