Middle Eastern Investor’s £87 Million Acquisition of Merchant Square

Middle Eastern Investor's £87 Million Acquisition of Merchant Square

ALG advised Oakland Holdings on the sale of Merchant Square, advised by TLT, to Saudi Arabian investment fund Albilad Capital.

Merchant Square provides 230,000 square feet of office space over nine floors, with a complementary mix of retail and restaurant tenants on the ground floor. The offices were leased in their entirety to PricewaterhouseCoopers in July 2020 – representing its largest office outside of the city of London, with space for up to 3,000 staff. 

The majority of the ground floor tenants have occupied the building since before redevelopment works began in May 2018 and, having supported their landlord through the project, renewed their leases on completion of the works. The project has involved advanced logistical planning, management and collaboration, as well as the unforeseen challenges brought about by the onset of the pandemic last year. Against the odds, the redevelopment works achieved practical completion at the end of June 2020. 

Oakland Holdings is a Belfast based investment group.

The ALG team was led by Tracey Schofield (Picture). 

The TLT team was led by real estate partner Judith Allen, alongside construction partner Stacey Cassidy, real estste legal director Patrick O’Hanlon and associates Harriet Allberry and Mary-Jane Byrne. 

Involved fees earner: Tracey Schofield – A&L Goodbody; Harriet Allberry – TLT LLP; Judith Allen – TLT LLP; Mary-Jane Byrne – TLT LLP; Stacey Cassidy – TLT LLP; Patrick O’Hanlon – TLT LLP;

Law Firms: A&L Goodbody; TLT LLP;

Clients: Merchant Square; Oakland Holdings ;

Author: Giulia Di Palma

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