Private investor Starwood Capital Group has acquired the St Vincent Plaza office development in Glasgow.
The deal involved Starwood Capital acquiring the entire share capital of the vehicle that owns the office project. The vendor was London-based real estate developer-investor Abstract Securities.
Financial terms were not disclosed.
The 12-storey BREEAM excellent EPC A office building, which comprises 16,000 m2, is multi let to a range of occupiers including KPMG, Whyte and Mackay, Scottish Ministers, Mott Macdonald, Wood Group and Zurich Insurance.
'We are delighted that Starwood has recognised the quality of this building and the strong and diverse income stream we have created from the fantastic range of tenants who have been attracted to the property,' commented Mark Glatman, chief executive of Abstract.
The building was completed in late 2015 and is located in a prominent position on St Vincent Street opposite the new HQ for Scottish Power. According to Starwood, there are strong levels of interest in the two remaining floors.
'We are excited about the acquisition of St Vincent Plaza which is the first European acquisition for our recently established vehicle focussed on Value Add opportunities,' said James Fogarty, vice president for Starwood Capital Group.
Lambert Smith Hampton and CMS acted as financial advisors to Starwood Capital Group. Pinsent Masons acted for the shareholders of the holding company, Abstract (Glasgow) Limited.
