The Scottish arm of property consultant CB Richard Ellis has announced the sale of 220 St Vincent Street in Glasgow to Protego Real Estate Investors for £6 mln (EUR 6.8 mln). CBRE Scotland was acting on behalf of ING Real Estate Investment Management. The deal reflects a net initial yield of 7.75%, and is only the second deal to complete in Glasgow city centre this year, the adviser said.
The Scottish arm of property consultant CB Richard Ellis has announced the sale of 220 St Vincent Street in Glasgow to Protego Real Estate Investors for £6 mln (EUR 6.8 mln). CBRE Scotland was acting on behalf of ING Real Estate Investment Management. The deal reflects a net initial yield of 7.75%, and is only the second deal to complete in Glasgow city centre this year, the adviser said.
The multi-let Grade A office building was recently refurbished and is currently let to tenants CIGNA Insurance, Towry Law and Hiscox. Steven Hendry, associate director in the Capital Markets team of joint selling agents CB Richard Ellis said: 'Whilst activity in the investment market remains relatively subdued, our client was able to take advantage of a lack of competing stock and generate strong interest in this asset from a number of investors.'
CBRE and Rydens acted for ING Real Estate and King Sturge represented Protego Real Estate Investors.
