Saudi's Arbah Capital acquires UK building for $76 mln

Saudi-based Arbah Capital has acquired Sauchiehall building in one of the main high streets of the ‘Golden Z’ in the city centre of Glasgow, UK, for $76 million 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, said the statement from Arbah Capital. 

The retail complex has major brands such as Primark, TK Maxx, PureGym, Sports Direct, Superdrug and WH Smith, whereas the car park is operated by Q-park. 

"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," Arbah CEO Mahmood Al Kooheji said.

"The Sauchiehall building is located in the street with the highest footfall in the Glasgow city centre, and with selective tenants who target the value market, we expect these to be the most resilient in a downturn," he added.

An investment firm licensed by Saudi Arabia’s Capital Market Authority (CMA) and headquartered in Dammam, Arbah Capital has a paid-up capital of SAR 220 million ($58.5 million).