DeAWM buys Glasgow project for €90m

German fund manager Deutsche Asset & Wealth Management (DeAWM) has acquired the Connect110NS commercial property project in the heart of Glasgow’s retail district for £70 mln (€90 mln).

The vendor is BAM Properties, the development arm of Netherlands-headquartered construction group BAM.

The building will be completed in June 2015. It comprises 13,300 m2 of office space over eight floors with 1,760 m2 of retail space on the ground floor. The property is located at the junction of Queen Street in the financial district and Ingram Street – the so-called ‘style mile’.

Parts of the building have already been let. Scotland’s largest law firm Brodies will occupy 2,320 m2 and accountancy firm Grant Thornton will occupy 15,056 sq ft on the eighth floor.

John Burke, Managing Director Properties, BAM Construct UK, said: ‘DeAWM recognised the strength of the Glasgow market and that Connect110NS was the most attractive, highly sustainable, BREEAM excellent commercial property coming on stream.'

BAM Properties will continue to partner with DeAWM to manage the building through to completion and full occupancy.