Kenmore Property Group has sold The Sentinel Building in Glasgow’s central business district for £38.5m.
The sale, to Oppenheim Property Fund Management, reflects a net initial yield of 4.8%.
Tenants of the recently developed 83,700 sq ft Grade A building include JP Morgan, Morgan Stanley, AON Insurance & ACE Insurance at rents ranging from £22 to £23.50 per sq ft.
Oppenheim Property Fund Management UK Investment Manager, Ali Abbas, said: “Sentinel is one of the best buildings in Glasgow and its quality is reflected in the strong tenant line up Kenmore has secured to date.
“Given the current momentum of the occupier market for quality Grade A space, we are confident the remaining two floors will let relatively quickly.”
Knight Frank Glasgow advised Oppenheim. Ryden and James Barr acted for Kenmore.
References: EGi News 03/05/06
