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SPS Investment advises on largest commercial real estate transaction in Northern Ireland history

SPS, as lead investment advisor, completed the £87m acquisition of the iconic PWC office building in Belfast on behalf of Albilad Capital.


Albilad Capital, has purchased the newly developed Merchant Square office development in Belfast from leading local developer, Oakland Holdings for £87m. Albilad Capital, established in 2008, is the wholly owned investment arm of Bank AlBilad and is regulated by the Capital Market Authority of the Kingdom of Saudi Arabia. Bank Albilad is a listed bank on the Saudi stock exchange, ‘Tadawul’, with a market cap of more than USD 4.5 billion. It has undertaken this transaction on behalf of some of its investors.


Merchant Square, located in the heart of the Belfast business district and adjacent to Belfast City Hall, provides 225,000 sq ft of Grade A office space and is set to become one of the most advanced digital commercial spaces in the city. The entire office space is let long-term to PWC. From this summer, Merchant Square will become PWC’s largest office outside of London. Merchant Square is the first privately built commercial building of its kind in Northern Ireland to be awarded ‘Excellent’ status by BREEAM UK, reflecting it green development and sustainability focus.

Shariah-compliant financing was provided for this transaction by Abu Dhabi Islamic Bank (ADIB), having funded multiple previous SPS-led transactions.


Mr Zaid Al Mufarih, CEO of Albilad Capital, commented on behalf of the new owners, “The acquisition of this iconic asset, located in a prime location of Belfast, is an important step in the strategy of Albilad to increase its exposure to the UK real estate market. This transaction shows our confidence in the UK regional cities as long-term sources of growth and investment return”


Wasim Choudhury, SPS Investment Partner said, “The completion of this deal further confirms the attraction of UK regional cities to Middle Eastern capital being deployed as part of wider portfolio diversification strategies. We are delighted to have completed this transaction along with Albilad Capital”


Taufiq Jamil, SPS Investment lead advisory Partner on this transaction said, “As the UK’s leading boutique shariah-compliant real estate advisory firm, we are pleased that the scale of this transaction demonstrates the ability of ethical shariah-compliant capital to be at the forefront of real estate investment in the UK market. We see a substantial and growing appetite for such deals amongst global shariah compliant investors within our client base”


About SPS Investment

SPS Investment is the leading UK-based shariah compliant investment boutique focused on real estate, with assets under management in excess of $300m with a gross development value of $600m. SPS and its team have been serving clients in the GCC in the real estate space since 2005. We have advised investors on a range of real-estate asset acquisitions and financings including commercial, multi-family residential buildings, student housing, BTR schemes and mixed-use developments. Clients include family offices and some of the largest and most well-established institutional shariah compliant investors worldwide.

 





 

For further information, please contact:


Taufiq Jamil Managing Partner

SPS Investment Peter House, Oxford Street, Manchester, M1 5AN www.sps-invest.co.uk

Tel +44(0)161-5499112


Wasim Choudhury Partner

SPS Investment Peter House, Oxford Street, Manchester, M1 5AN www.sps-invest.co.uk

Tel +44(0)161-5499112



 
 
 

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