GLOBAL - Pan-European property investment manager Tristan Capital Partners has acquired a newly developed building in Glasgow for around £23m (€26.2m) from Lloyds Bank.

The acquisition was made by one of Tristan Capital's funds, Curzon Capital Partners III (CCPIII), at a net initial yield of 9%.

CCPIII had its first successful capital raising close in June and is expected to confirm a second close by the end of this month.

The property is being jointly marketed to prospective tenants by agents Jones Lang LaSalle and DTZ.

Still in the UK, Quintain Estates and Development has sold 140 Cambridge Science Park to Mayfair Capital Unit Trust on behalf of its SeQuel Fund.

The deal was worth £6.35m, reflecting a net initial yield of 7.8%. The sale was undertaken at a premium to its March 2011 valuation.
In other news, a private investor, advised by Morgan Capital Partners, has acquired 8-10 Hanover Street in Mayfair from LaSalle Investment Management.

Morgan Capital Partners intends to commence development in September with completion set for the third quarter of 2013.

LaSalle brought the property to the market in June with a guide price of more than £25m.

The property attracted strong interest from investors due to the current supply shortages in the core West End market.

Moving to Germany, CBRE Investors has acquired a shopping centre in central Berlin for its Pan European Core Fund.

The deal represents the first purchase for the fund in Germany and its fourth in Europe.

In Eindhoven, Patrizia Gewerbeinvest KAG has bought an office building for around €30m from Solidiam, a privately owned asset manager.

The property, which is under a long-term lease to the city council, will be held in Patrizia's LB Büro-Invest Europa I fund.

Meanwhile, in Frankfurt, Hochtief Solutions has bought a 7,400 square meter piece of land in the city from Aurelis, as it is planning a project to develop apartments for sale and rent.

Construction is expected to start during spring 2012.

Moving to Austria, Deka Immobilien has acquired the 'BIZ TWO' office building in Vienna from IC Projektentwicklung.

The acquisition, for which the price was not disclosed, was made on behalf of the WestInvest ImmoValue open-ended real estate fund.

In the US, RREEF Investment has sold the Weston Business Centre logistics property in Fort Lauderdale, Florida, for $84.6m (€60m) to a US pension fund.

Located near the Miami International Airport, the property was acquired only 17 months ago for $65m for the grundbesitz global open-ended fund.

The name of the buyer has not been disclosed.

Finally, Chinese state-owned company Bao Steel has acquired three floors at Shanghai World Finance Centre (SWFC).

Bao steel, which was represented by Savills on the deal, paid as much as $133m for the deal.

SWFC is located in the centre of Lujiazui Finance and Trade Zone in Pudong and was completed in 2008.