Invesco Real Estate has acquired the Capella office property at 5 Atlantic Quay in central Glasgow for around £43 mln (€52 mln).

Invesco Real Estate has acquired the Capella office property at 5 Atlantic Quay in central Glasgow for around £43 mln (€52 mln).

The 11-storey office property was bought from the BA Pension Fund.

Capella was constructed in 2009 and provides 10,710 m2 of office space let to tenants including Atos, Glasgow City Council, CapQuest and MacRoberts.

The property was purchased for the Invesco Real Estate - UK III Fund, a closed-end, cross-border vehicle which invests German capital into the UK market.

'The investment complements the existing fund portfolio well by focusing on strong real estate fundamentals of a high quality property in a good location whilst playing to our strengths of pursuing further asset management potential in an improving market environment in order to increase operating income,' commented Toby Simon, Invesco Real Estate’s director of Fund Management.

Ryden advised Invesco Real Estate and Cushmans advised BAPT.