Oakland Holdings has agreed to sell Merchant Square in Belfast for £87 mln (€102 mln) to an investment firm based in Riyadh.
According to PropertyEU sources, Albilad Capital is the purchaser of the office complex in Belfast’s central business district, which is becoming home to financial services giant PwC in the summer.
CBRE is advising Oakland Holdings.
The developer began work on the Merchant Square development in 2018 as the largest speculative Grade A office project ever undertaken in Belfast. Initially, the site consisted of three separate buildings - Oyster House, Ferguson House and Royston House. Each building was stripped back to its core during the development phase to create 220,000 ft2 (circa 20,000 m2) of modern office space.
The €102 mln complex has 10 floors of Grade A office space that can accommodate 3,000 staff. Two floors are dedicated to showcasing collaborative client space and work together spaces. There’s also an open staircase – named The Spanish Steps – that link floors 4,5, and 6. The floors will accommodate presentations and events.
The move from its existing premises underlines PwC confidence in Northern Ireland as a location for success for the firm.
Belfast’s biggest employer will offer its employees yoga classes, GP services, and a nail bar. Staff can also enjoy the 13 showers on the ground floor within easy reach of the 110 – 150 bike racks. The striking refurbishment has replaced the tired-looking concrete panels with bespoke unitised system glazing that will maximize daylight into the building.
Merchant Square has been completely transformed and become one of the city’s iconic structures, both functionally and architecturally. With an “Excellent” BREEAM rating, the HQ is striving to be the most innovative working space with cutting-edge technology where staff can collaborate and communicate.
Little is known about Albilad Capital in real estate circles. It is understood the company has arranged the purchase of Merchant Square via a Sharia-compliant structure.
Albilad is the investment arm of Bank Albilad and was established in 2008. It is licensed by the Saudi Capital Market Authority as a closed joint stock company. It invests in various asset classes, including real estate for which it manages open-ended and closed-ended funds as well as Reits.
