Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) has granted Albilad Capital, a wholly-owned investment arm of Saudi Arabia's Bank Albilad, structured Islamic financing to support the company's GBP 87 million acquisition of the PWC headquarters in Belfast in Northern Ireland.

The acquisition is the largest office transaction in Northern Ireland and the first major property investment in the country by a Middle East investor, according to a press release on Sunday.

Known as Merchant Square, the property spans over 240,713 square feet to offer six ground-floor retail units, in addition to  225,000 square feet of Grade A office accommodation over nine upper floors.

Meanwhile, PWC has leased the offices under a new 20-year full repairing and insuring contract with five annual reviews on the rent increase.

Merchant Square is PWC’s largest office outside of London, which will house up to 3,000 employees.

The Head of UK Real Estate at ADIB, Paul Maisfield, said: "The deal has strong fundamentals that meet our risk criteria including not only the long-term lease to PWC but their plans to deliver a quality, innovative, flexible and sustainable workspace with staff well-being at the heart of their design."

The CEO of Albilad Capital,  Zaid Al Mufarih, commented: "The acquisition of this iconic asset, located in a prime location of Belfast, is an important step in the strategy of Albilad to increase its exposure to the UK real estate market."