Picton Property Income has bought a multi-let office in Glasgow for £14.3m, reflecting a net initial yield of 7.8%.
180 West George Street is fully let with a net annual rental income of £1.18m and an equivalent average rent of almost £23 per sq ft.
Occupiers include TSB Bank, Standard Life and Michael Page. The weighted average unexpired lease term is 2.4 years.
Built in 2000, the 52,100 sq ft, six-storey office is located in Glasgow’s central business district.
Michael Morris, chief executive of Picton Capital, said: “This is our third income-accretive acquisition in as many months and combined we have now invested over £51m with a blended yield of 7.7% and an average income maturity profile of over six years.”
Picton Property Income is an income-focused property investment company. It had net assets of £382.6m at 30 June 2015.
