Clearbell has sold its 50% interest in 1 West Regent Street, in Glasgow’s city centre, to M&G Real Estate.
The property comprises 143,000 sq ft of grade A office space over ten floors and three retail units on the ground floor.
A fund managed by Clearbell acquired 1 West Regent Street in 2012 in a joint venture with M&G.
The asset is currently 73% let; tenants include Weir Group, CMS, Arup, FDM Group, Global, Shepherd and Wedderburn and Giraffe.
Manish Chande, senior partner at Clearbell, said: “We recognised the need for better-quality office space for businesses in Glasgow and for institutional investors seeking long-dated income. The development at 1 West Regent Street was intended to address this need. We have ensured the building has excellent sustainability and design credentials to attract a high calibre of organisation.”
Hugo Henkes, director, investment at M&G Real Estate, adds: “We are pleased to have completed the acquisition of Clearbell’s 50% stake. Interest in the remaining space is strong and we expect to secure additional occupiers in the near future.”
Bilfinger GVA and JLL are letting agents for the office development; CBRE and Culverwell are marketing the ground floor retail units.
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