REDEVCO UK SELLS IGNIS HOUSE IN GLASGOW TO PRUPIM FOR £29M

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.

Latest News

IV REAL ESTATE SHAKES UP BRISTOL’S CORN STREET WITH LONDON COCKTAIL CLUB DEAL

September 27, 2021 - 08:39

IV Real Estate has secured its first letting at Gilbert House, a recently redeveloped 12,475 sq ft retail and office building at 37-39 Corn Street, Bristol. The London Cocktail Club will open its seco[...]

+ Read More

OCCUPIERS ARE KEEPING UP WITH THE SMITH

September 23, 2021 - 07:58

The Smith, an impressive 40,000 sq ft office building at 145, London Road, Kingston on Thames, continues to underline its position as one of south west London’s most attractive locations by securing[...]

+ Read More

Masterplan to future-proof St. Enoch Centre to be revealed

September 8, 2021 - 15:33

A new masterplan for St. Enoch Centre has been created, highlighting how the Glasgow city-centre retail hub could be future-proofed and transformed over the coming years. Property developer and retail[...]

+ Read More

CONTACT

CALL US

+44 (0)20 7647 4420

ADDRESS

Wren House, Garden Close Lane, Newbury RG14 6PR