London-based Shelborn Asset Management has purchased an office park in Glasgow for £38 mln (€43 mln) on behalf of clients from an affiliate of private equity player Cerberus Capital Management.
Maxim Office Park, situated on the outskirts of Glasgow, comprises 756,000 ft2 (70,000 m2) of offices across ten buildings with a further nine acres of development land.
'We are excited to be involved in Maxim Park and see it as the number one destination for any occupiers looking outside Glasgow,' said Brian Rabinowitz, director, Shelborn Asset Management.
'We acquired the property for off-shore investors and this continues our strategy of pursuing opportunities which offer the potential of added value. The park presents extremely well and there are many existing happy tenants, so we look forward to securing further letting success over the next few years.'
Tenants currently include SEPA (Scottish Environment Protection Agency), Regus, Balfour Beattie, Lamellar Biomedical and TC Biopharm, amongst others.
'This is our second acquisition in Scotland this year, following the purchase of Caledonian House in Dundee. We believe the Scotland office market offers good opportunities at the moment, with the potential for further growth and development,' added Rabinowitz.
Knight Frank acted for Shelborn Asset Management and Cushman & Wakefield acted for Cerberus.
