UK value-add real estate investor Praxis has sold a 70,000sqft multi-let office building in Glasgow city centre to Eagle Street Partners for £20m (€23.4m).
Praxis said the 310 St Vincent Street asset was sold for double the amount it invested to buy the building in 2015.
Praxis acquired the office building and after securing vacant possession, undertook a Grade A refurbishment of the building with an emphasis on sustainability.
James Hewitt, head of at asset management at Praxis, said the sale of 310 St Vincent Street caps £100m worth of profitable exits for the group since the onset of the COVID pandemic, all ahead of business plan.
“The conclusion of our 310 St Vincent journey is particularly gratifying because it demonstrates that older properties can be rehabilitated, with technology retrofitted to substantially reduce energy consumption and operational carbon, while still delivering highly attractive returns.
“It is a misnomer that older generation office buildings are destined to become obsolete and institutionally un-investable, and in the right hands they can be repurposed economically to meet the most stringent environmental criteria, while also satisfying the most demanding occupier needs and wants.”
To read the digital edition of the latest IPE Real Assets magazine click here.