German real estate fund managers Union Investment and SEB both announced acquisitions of office properties in Glasgow this week.

German real estate fund managers Union Investment and SEB both announced acquisitions of office properties in Glasgow this week.

Union Investment said it acquired the Equinox Building in Glasgow for its open-ended real estate fund UniImmo: Deutschland. The Equinox Building was constructed in 2002 and is located in the heart of Glasgow's business district. The building offers 6,308 m2 of grade A office accommodation and is completely let. The financial details were not disclosed but market rumours suggest the investment volume came to £28.3 mln (EUR 33 mln).

Earlier, SEB Europe REI revealed it had added an office building in St. Vincent Street in Glasgow to its portfolio for an undisclosed price.The vendor was the British company Scarborough Group. The property is located in the Scottish city's central business district. The Grade A building has total rental space of 8,956 m2 and is leased to the Bank of Scotland, which is part of Lloyds TSB, until June 2022.

SEB Europe REI is a German real estate special fund aimed at institutional investors. The fund has a conservative risk/return profile. It invests across Europe and now has four properties in its portfolio.