February 9, 2010
Investment sale follows policy restructuring plan.
REDEVCO has concluded the sale of the Ignis House in Glasgow’s Bothwell Street to leading global real estate investment manager PRUPIM. The sale price of £29 million reflects a net initial yield of 6.75 percent.
Ignis House is located in the heart of Glasgow’s central business district. Redeveloped in 1990 and recently refurbished, the building comprises 90,000 sq ft of good quality upper floor offices above 3 ground floor retail units and 61 basement car parking spaces. The offices are the Corporate HQ for Ignis Asset Management, on a lease which runs until 2022. M&S Simply Food, Superdrug and Costa occupy the retail space on the ground floor.
Commenting on the sale, Adam Starr, Investment Director at REDEVCO said: “Having recently completed a lease re-structuring with Ignis, plus a major refurbishment of the building, our asset management plan was complete and it was an obvious time to sell the property The sale is also consistent with our wider corporate strategy to ifocus on the retail sector”.
Natalie Andrews, Investment Manager at PRUPIM said, “We are pleased to have completed this purchase as this property meets the criteria for our current provincial office requirement, it is well let, off a sensible rent in an excellent location.”
King Sturge advised REDEVCO, whilst Smolka Strachan acted for PRUPIM.