Paradigm Real Estate Managers has emerged as joint buyer with Kenmore of a Glasgow office scheme for £90m the city’s largest-ever office investment deal.
A joint venture, led by Kenmore and Paradigm, and including Minerva and Moncrieffe Holdings, completed the purchase of the 550,000-sq ft office complex from Allied London last week.
The deal reflects a net initial yield of 6.6%.
The acquisition has been expected ever since mobile phone operator, O2, took a 110,000 sq ft prelet in the summer.
Most of its staff is due to move into the complex next June.
Grant Rawlinson, Investment Director at Kenmore said: “We are delighted to have completed this major transaction.
“Skypark has many asset management opportunities to build and improve on the success it has already enjoyed.
“The completion of Skypark is a landmark deal for us. It confirms our appetite for larger lot sizes and underlines our commitment and confidence in the regional office market.
“We also believe the compliment of skills in the new Skypark team provides the best opportunity to actively manage the building and enhance returns to investors.”
The project will be jointly asset managed by Kenmore and Paradigm.
Savills in Glasgow acted for Kenmore and Montagu Evans represented Moncrieffe and Minerva.
References: EGi News 13/12/05
