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Albilad secures ₤87M financing from ADIB

Abu Dhabi Islamic Bank (ADIB) has provided structured Islamic financing for Albilad Capital’s acquisition of the PWC HQ in Belfast, comprising the largest office transaction in Northern Ireland and the first major property investment in the country by a Middle East investor.

Albilad secures ₤87M financing from ADIB

The property, known as Merchant Square, is situated at the heart of the Belfast Business District. The building extends to 240,713 sq.ft, providing 6 ground floor retail units with 225,000 sq.ft. of Grade A office accommodation spread over 9 upper floors. The property has recently been extensively renovated and extended with the works completing in mid-2020. The property is the first privately built commercial building of its kind in Northern Ireland to be awarded ‘Excellent' status by BREEAM UK, which assesses new and refurbished buildings according to the environmental sustainability standards.

The offices have been leased to PWC on a new 20-year full repairing and insuring lease with 5 yearly upwards only rent reviews. PWC are currently fitting out the space to meet their specific requirements and are taking a pioneering approach in creating a "destination workplace" for its staff to work and socialize. They are creating staff restaurants as well as a "wellbeing suite" with its own GP and Psychologist with Pilates classes, yoga and physio sessions.

Merchant Square is PWC’s largest office outside of London which will house up to 3,000 employees. Northern Ireland is PWC’s fastest growing UK region and Belfast is PWC’s recognized global centre for technology, digital advisory services, and research.