ABU DHABI, 4th April, WAM – Abu Dhabi Islamic Bank announced the provision of structured Islamic financing to complete the acquisition of PricewaterhouseCoopers’ headquarters in Belfast in the largest acquisition of an office project in Northern Ireland.
The property, known as Merchant Square, is located in the heart of Belfast’s business district and covers an area of 240,713 square feet and includes six retail units on the ground floor, in addition to 225,000 square feet of luxurious nine-storey office space.
The property, which recently underwent major renovation and expansion work completed in the middle of last year, is the first commercial building constructed by the private sector in Northern Ireland to receive a UK BREEAM rating for new and retrofitted buildings in terms of environmental sustainability.
The “Merchant Square” building accommodates 3,000 employees and is the largest PwC headquarters outside London.
Northern Ireland is the company’s fastest-growing market in the United Kingdom, while Belfast is PwC’s global hub for technology, digital consulting and research services.
PwC had leased the offices under a full new 20-year lease contract that includes maintenance and insurance, with 5 annual reviews to increase the rent only over the term of the contract.
PricewaterhouseCoopers is currently working on preparing the rented space to meet its set of requirements, and adopts an innovative methodology in designing a workplace that provides its employees with distinct spaces for work and social interaction.
Paul Maesfield, Head of Commercial Real Estate Services Finance Unit at Abu Dhabi Islamic Bank – UK, said: “We are pleased to provide support to Albilad Capital to complete this massive transaction, which is based on solid economic foundations that meet our risk criteria, which includes the long-term lease to Price Waterhouse Coopers and their plans to provide an innovative, flexible and sustainable work space in accordance with the highest quality standards, the design of which revolves around the needs of employees in the first place .. We expect the increasing importance of these factors so that buildings are able to maintain their value and marketing attractiveness in light of the great acceleration of changing work patterns in the sector as a result Repercussions of the Covid-19 Pandemic.
He added, “We look forward to supporting the country’s financial endeavors to implement its strategy for commercial real estate investment in the United Kingdom by targeting luxury regional assets that have clear revenue-generating potentials and strong contracts with tenants focused on achieving cash returns … and the latest deal confirms ADIB’s position as a reliable partner to provide solutions.” UK’s Sharia-compliant earmarked financing.
Zaid bin Muhammad Al-Mufarah, CEO of Albilad Capital, said: “The acquisition of this prominent property in one of the most prominent regions of Belfast is a very important step in the country’s financial strategy to enhance its presence in the real estate market in the United Kingdom .. It also reflects our confidence in the regional cities in the Kingdom. United as important sources of long-term growth and investment returns. ”
ADIB has a proven track record of providing its clients with customized, competitive and Sharia-compliant home financing solutions. He has built a home finance portfolio of more than 2 billion dirhams in the UK alone over the past three years.
For its part, Al-Bilad Capital Company, the wholly-owned investment arm of Bank Al-Bilad, which was established in 2008, is subject to the laws and regulations issued by the Capital Market Authority in the Kingdom of Saudi Arabia .. The market value of Bank Al-Bilad, which is listed on the Saudi Stock Exchange “Tadawul”, reaches 4.5 billion. Dollars.