Pramerica Real Estate Investors (PREI) has completed the acquisition of a Grade-A office building in Glasgow for £70 mln (EUR 84 mln). The asset, located at 141 Bothwell Street, was acquired on behalf of a single client account.
Pramerica Real Estate Investors (PREI) has completed the acquisition of a Grade-A office building in Glasgow for £70 mln (EUR 84 mln). The asset, located at 141 Bothwell Street, was acquired on behalf of a single client account.
The property is a multi-let office building in a central Glasgow location. It was completed in 2009 and was the first property in Glasgow to be awarded an Excellent BREEAM for Offices 2006 rating.
The 16,300 m2 of space is fully let to a number of blue-chip tenants, including Shell, HSBC Bank, and PricewaterhouseCoopers, with an average weighted unexpired lease term of 11 years. There are 60 underground car parking spaces.
Friedrich von Carlowitz, portfolio manager of Pramerica said: 'We believe that the Glasgow office market offers one of the best risk-return-profiles in the UK right now, and, with a relatively small amount of Grade A space available, this deal represents excellent value which we are confident will generate good returns on behalf of our investors.'
Separately, the German real estate fund management arm of Pramerica, TMW Pramerica Property Investment, said on Wednesday it has bought a 5,300-m2 neighbourhood shopping centre in Düsseldorf for EUR 12 mln.
