Redevco Sells George House, Glasgow

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.

 

–       ends–

 

Latest News

THE BOUTIQUE WORKPLACE COMPANY SIGNS PARTNERSHIP AGREEMENT WITH PRIVATE LANDLORD AND EXPANDS ITS NETWORK OUTSIDE LONDON

November 24, 2020 - 10:35

The Boutique Workplace Company is to open two new flexible workspace offerings in Kingston-upon-Thames and Wantage in south Oxfordshire after signing a partnership agreement with a private landlord. T[...]

+ Read More

PLANS FOR LEISURE WORLD REGENERATION SUBMITTED TO SOUTHAMPTON CITY COUNCIL

November 24, 2020 - 10:31

Sovereign Centros, the development manager for the proposed regeneration of Leisure World in Southampton, has submitted an outline planning application for one of the city’s most significant regener[...]

+ Read More

ARLINGTON EXPANDS OXFORD BUSINESS PARK OWNERSHIP WITH SPIRES HOUSE ACQUISITION

November 24, 2020 - 10:25

Arlington has continued to consolidate its ownership at Oxford Business Park by acquiring Spires House, a 49,421 sq ft multi-let office building from Harbert European Real Estate. Also known as Buildi[...]

+ Read More

CONTACT

CALL US

+44 (0)20 7647 4420

ADDRESS

Wren House, Garden Close Lane, Newbury RG14 6PR