Saudi’s Arbah Capital has completed the acquisition of the historic Sauchiehall building located in Glasgow, UK.

The 309,000 square feet property which consists of lower ground, six upper floors and multi-storey car park is going to cost the Saudi investment firm $76 million, according to Trade Arabia.

The landmark property is considered to be one of the most reputed and prominent retail blocks on Sauchiehall Street in Glasgow’s city center. It provides a diversified mix of fashion, fitness, restaurants, healthcare, and beauty experiences to its visitors.

Speaking about the acquisition, Arbah Captial CEO Mahmood Al Kooheji told Trade Arabia that, “The Sauchiehall acquisition focuses on attaining value at a time of uncertainty in the UK, buying a core asset in a prime location at an attractive cap rate.”

The CEO also revealed the Glasgow city council’s plan to invest in the retail district to improve the visitor experience by offering continuous footways, enhancing street lights, adding segregated cycling routes and by adding a shopping destination. According to him, the Glasgow city council’s investment will enhance the property’s value.

The retail complex has major brand anchors such as Primark, TK Maxx, PureGym, Sports Direct, Superdrug, and WH Smith.

Primark recorded a surge in profits with adjusted half-year operating profit jumping by 25 percent to £426 million, while sales grew 4 percent to £3.6 billion.

Another major tenant, WH Smith grew by 8 percent in group revenues. PureGym which has over 200 branches across the UK plans to expand as its revenue grew by 15 percent in 2018.

According to Arbah Capital, such results provide confidence to their investment strategy in finding well researched, counter-cyclical value.

Arbah Capital is the first Islamic boutique investment firm in Saudi Arabia.