Saudi Arabia's Arbah Capital buys Glasgow's Sauchiehall building
$76-million transaction will help attain value amid uncertainty in the UK, CMA-licensed Arbah Capital says
Saudi Arabia-based Arbah Capital has acquired the Sauchiehall building in Glasgow, UK, valued at $76m (SAR285m), through a sharia'a-compliant investment structure, with Arbah saying that the acquisition represented a “core long term investment” and would help attain value at a time of uncertainty in the UK.
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.
The mixed-use property is a 2.87ha LG+G+6F structure, and features a multi-storey car park as well.
Commenting on the transaction, Arbah Capital's chief executive officer, Mahmood Al Kooheji, said: “This purchase enhances Arbah’s strategic alliances and relationships which further supports its position as an international gateway into the Saudi Arabian and the regional investors market.”