A&O Shearman leads on landmark Solitaire transaction
A&O Shearman has advised Al Marqab Investment Company on sale of Solitaire, a premier luxury shopping centre in Riyadh, to a real estate investment fund managed by Alrajhi Capital and regulated by the Capital Market Authority (CMA).
Solitaire is a 65,000 sqm GLA mixed-use retail development and one of Riyadh’s most prominent upscale shopping and lifestyle destinations. The transaction represents a landmark moment in Saudi Arabia’s commercial real estate sector, reflecting strong investor confidence in high-end retail assets and the Kingdom’s evolving urban landscape.
Dr. Sultan Almasoud A&O Shearman partner commented, “This transaction is a clear reflection of the robust momentum we are witnessing in Saudi Arabia’s commercial real estate market, particularly in the luxury retail segment. The successful sale of Solitaire not only underscores the growing appetite among institutional investors for high-quality, income-generating assets, but also highlights the increasing sophistication and maturity of the Kingdom’s real estate sector.
We are seeing a trend where landmark developments such as Solitaire are attracting significant interest from both local and international investors, driven by the government’s ongoing efforts to diversify the economy and enhance the urban experience in line with Vision 2030. For the sector, this deal sets a new benchmark for large-scale retail transactions and signals continued confidence in Riyadh’s position as a leading regional hub for luxury retail and lifestyle destinations. For the wider region, it demonstrates the strength and resilience of the Saudi market, and its ability to deliver complex, high-value transactions that contribute to the Kingdom’s long-term economic transformation.”
The GM of Al Marqab Investment Company Eng. Dayel, commented, “We are delighted to have partnered with A&O Shearman through Dr. Sultan Almasoud and his outstanding team on the Solitaire transaction. Their professionalism, deep expertise in Saudi law, and strong grasp of international legal standards played a critical role in ensuring a smooth and successful execution. We were particularly impressed by their mastery of CMA regulations and their ability to navigate complex regulatory matters with confidence. We look forward to continuing our collaboration with A&O Shearman on future opportunities.”
The deal team was led by Riyadh based partners Dr. Sultan Almasoud and Mohsin Suleman, with support from the KSA associate team including, Sanjarbek Abdukhalilov, Aseel Alkathiry, Khaled Albakr, and Lama Alshaiban. The team’s multidisciplinary expertise across real estate, fund structuring, and operational matters was key to the deal’s success.
