A new UK real estate fund managed by Clearbell Capital has bought a fully-let 69,000sqft office building in Glasgow’s central business district.

The Clearbell Property Partners IV fund has acquired 150 St Vincent Street from a fund managed by PineBridge Benson Elliot for an undisclosed sum.

The eight-storey building is the first acquisition from Clearbell Property Partners IV.

Clearbell said it plans to double the size of the existing building to 152,000sqft, by seeking planning permission for the extension of the floor plates and addition of four stories.

Nick Berry, partner at Clearbell Capital said: “As we have seen since the end of lockdown, quality workspace in the right areas continues to attract tenants and to generate good rental income. Glasgow has long been a centre for business and is bouncing back from the impact of the pandemic.”

To read the latest edition of the latest IPE Real Assets magazine click here.