TLT completes largest office acquisition on record in Northern Ireland

TLT has acted on the landmark acquisition of Merchant Square, a prominent office development in Belfast, to Saudi Arabian investment fund Albilad Capital, for £87million.

Marking the fund’s first UK acquisition, TLT advised on the acquisition in collaboration with US law firm King & Spalding International LLP, BDO LLP and SPS Investment.

Merchant Square represents one of the most successful speculative office developments in the UK regions and the largest ever private sector office letting in Northern Ireland. Merchant Square will be PwC’s largest office outside London, housing some 3,000 employees. 

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

Judith Allen, partner at TLT, says: “It was great to be part of the team working on such a significant investment into the Belfast market. While we may have spent a year now living under a pandemic, this shows the resilience of the market and just how much Belfast has to offer.”