Britannic Asset Management has bought Phases I and II of Corunna House, Cadogan Street, Glasgow, from PPG Metro, a subsidiary of the Premier Property Group (PPG).
The total rents for the two buildings are £1,170,800 and the £14.2m purchase price represents a net initial yield of 7.79%.
Phase I is let to the Department of Social Security and Phase II is multi-occupied.
PPG, which had acquired the properties as part of the former P&O Portfolio, represented itself and Britannic Asset Management was represented by Healey & Baker.
EGi News 24/10/01
