Redevco has acquired a high street store, leased to sports retailer Nike, in Glasgow for €29 mln.
The pan-European retail real estate investment manager purchased the 2,545 m2 property on Buchanan Street on behalf of one of its clients.
The vendor was La Salle Investment Management which had acquired the store for €24.5 mln from developer BAM Properties in 2011. Consisting of four floors, the property was leased to Nike in 2010 and is located opposite a House of Fraser department store. The building was the final part of BAM's €37 mln redevelopment on the street.
Redevco CEO Andrew Vaughan said: 'We are glad to have purchased such a well-located property, right on Buchanan Street which is arguably the best retailing street in the UK outside of London. It fits our strategy to focus on the top retail destinations in Europe that offer the best complete leisure experience where shopping can be combined with cultural activities and eating out. In that sense Glasgow is a highly attractive location, which is underlined by the recent shop openings by new retailers.'
Redevco was advised by Lambert Smith Hampton. LaSalle was represented by BNP Paribas Real Estate.
