December 3, 2014
Redevco UK has completed the sale of George House in Glasgow to Ardstone UK Regional Office Fund, a programmatic venture funded by clients of CBRE Global Investment Partners and managed by Ardstone Capital.
The building, which fronts George Square in the heart of the city centre, extends to 9,604 sq m (97,568 sq ft) over six floors and was extensively refurbished in 2013 to provide high quality open plan office space. The property is 85% leased (by floor area) and tenants in the building include Network Rail, Spiers & Jeffrey, Anderson Strathern and Mitchells Robertson.
The price of £22.5 million reflected an equivalent yield of 6.75%.
Commenting on the deal, Andrew Foulds, Portfolio Director at Redevco UK said: “Having completed the refurbishment of George House and seen through our letting campaign, the sale fits with our strategy of recycling our capital into new opportunities“.
Craig McDonald, Managing Director at Ardstone Capital, added: “We are very pleased with the purchase of the fund’s 8th asset and we continue to look for more opportunities in the UK’s major cities“.
Alex Bignell, Managing Director at CBRE Global Investment Partners, commented that “it is satisfying to add another high quality asset to the fund’s portfolio as we continue to support a venture that is well-positioned to deliver attractive returns for our clients”.
JLL advised Redevco UK, while MWM Property advised Ardstone.