UK-focused independent asset manager Longmead Capital has made its Scottish debut with the acquisition of an office in Glasgow from Aviva for £37.8 mln (€44 mln).
The deal for the asset at 123 St Vincent Street in central Glasgow represents a yield of 7.57%, according to the buyer.
The asset, redeveloped by Scottish Mutual in 2000, comprises 134,517 ft2 (12,500 m2) of office space over nine floors and is fully let.
Tenants including KPMG, The Secretary of State for Communities and Local Government, and Hutchinson 3G. Its annual net income is £3 mln.
The asset was placed on the market at the beginning of the year with a guide price in excess of £40 mln.
The property stands adjacent to the Bank of Scotland building which changed hands earlier this year for £48.4 mln, when a Korean fund bought it from Savills Investment Management.
Colliers International advised Longmead, while CBRE advised Aviva.
