Saudi Arabia-based Arbah Capital has acquired the Sauchiehall Building in Glasgow through a shariah-comliant investment structure for £55m (€60.4m).
The retail property was acquired in conjunction with 90 North Real Estate from private equity firm KKR and real estate operator Quadrant Estates.
The 309,000sqft Sauchiehall Building has eight floors and is located on Sauchiehall Street in the centre of the Scottish city.
Tenants include Primark, TK Maxx, PureGym, Sports Direct, Superdrug and WH Smith, and a multi-storey car park above the property is operated by Q-Park.
John Yeend, head of UK at 90 North Real Estate, said: “The Sauchiehall Building is a core city centre asset with major defensive brand anchors. We expect it to deliver attractive returns for our clients.”