Pramerica Real Estate Investors (PREI), an affiliate of Prudential Financial (US), has acquired a Grade-A commercial property in Glasgow, 141 Bothwell Street, for £70 million.
The multi-let office building property was completed in 2009 and became the first property in Glasgow to be awarded an excellent BREEAM rating. Built to a high specification, the building includes metal suspended recessed lighting, raised access flooring, and on-site management staff.
Tenants currently occupying the 175,000 sq. ft business property include BNP Paribas, HSBC, Shell and PriceWaterhouseCoopers, which the developers describe as a testament to the high quality of the building and location. The averaged unexpired lease term is 11 years.
Friedrich von Carlowitz, portfolio manager of Pramerica said of the deal:
"We believe that the Glasgow office market offers one of the best risk-return-profiles in the UK right now, and, with a relatively small amount of Grade A space available, this deal represents excellent value which we are confident will generate good returns on behalf of our investors."