Munich-based family office AM Alpha has acquired a Glasgow office property in joint venture with a German pension fund.
Financial details were not disclosed.
Situated at 200 Broomielaw, in Glasgow's downtown international financial services district (IFSD), the nine-story office building comprises some 7,360 m2 of rental space plus 31 parking spaces.
'Glasgow is undergoing a highly positive development, not least thanks to various strategic measures taken by the city council,' said Martin Lemke, managing director of AM Alpha. 'Above-average corporate growth and a significant decline in unemployment are evidence of this.'
Constructed in 2004, the building is currently rented out to international insurance group Chubb Services and design and engineering services provider Atkins.
Lemke added: 'In contrast to other big cities in the United Kingdom, small and medium-sized companies are also growing and the upswing translates into lively demand for office space in all size ranges.
'This market environment is particularly attractive when it can be combined with added value opportunities through active asset management, which is the case here.'
