Saudi-based Arbah Capital has acquired the landmark Sauchiehall Building retail block in the city centre of Glasgow from US investment firm KKR for £60 million through a shariah compliant investment structure.
Arbah Capital said Glasgow city centre ranks as the second most important retail district in the UK after the West End of London, based on CACI ratings.
The 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.
The retail complex has major “defensive brand” anchors such as Primark, TK Maxx, PureGym, Sports Direct, Superdrug and WH Smith.
Arbah Capital CEO Mahmood Al Kooheji said: “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 was advised in transaction management by 90North.