US investor acquires Norwich Union's Glasgow office

Harbor Group International (HGI) has acquired the Contact Centre in Glasgow, Scotland from UK property investor Active Asset Investment Management for £33 mln (about EUR 50 mln). The 9,000 m² office building is 100% leased to Norwich Union, the largest life insurance company in the UK, on a 25-year lease. The property, built in 2006, is located on a three-hectare site on the northern outskirts of Glasgow. The property comprises one storey with a mezzanine floor and 370 car parking spaces.

HGI is an American property investor and manager based in Norfolk, Virginia. It conducted the transaction via a subsidiary. 'The transaction reflects HGI's ongoing initiative to invest in international markets, particularly the UK and other Western European markets,' HGI president Richard Litton Jr said. In September 2006, HGI acquired Gemini Centre, a 6,000 m² office building in the English town of Milton Keynes, England. 'We will continue to focus on European markets as we further diversify our overall investment portfolio,' he said.

With company offices in Norfolk, New York, Chicago, London, and Tel Aviv, HGI holds an investment portfolio in excess of $1.8 bn (about EUR 1.3 bn). It includes over 6 million m² of office space throughout the US and the UK, and more than 12,000 apartment units in the US.