European private retail property group Redevco has sold the freehold of 78-92 Argyle Street in Glasgow to a fund managed by Scottish Widows Investment Partnership (SWIP).
European private retail property group Redevco has sold the freehold of 78-92 Argyle Street in Glasgow to a fund managed by Scottish Widows Investment Partnership (SWIP).
The property, which is let to Carphone Warehouse, Santander and Footlocker and produces over £1 mln per annum, was sold for the asking price of £14 mln (EUR 18 mln), representing a net initial yield of 7%.
The property was sold following completion of recent lettings to Carphone Warehouse and Footlocker as part of Redevco’s asset management strategy for the property.
Cushman and Wakefield acted for Redevco UK with Jones Lang LaSalle advising SWIP.
