TH Real Estate has acquired 2 West Regent Street in Glasgow from Kennedy Wilson for £31.5m – a yield of 5.84%.
Built in 2009, the 76,800 sq ft office block is let to tenants including FanDuel, Colliers International and Digby Brown.
The asset was acquired on behalf of a fund managed by Warburg HIH Invest Real Estate GmbH.
Daniel Fahrer, senior fund manager, Warburg-HIH Invest, said: “The prime location, the excellent building quality as well as the sustainable rental income, provided by a strong mix of corporate tenants, are the key rationales of the KOOP fund to invest in 2 West Regent Street.”
Martin Payne, senior fund manager, TH Real Estate, added: “Number 2 West Regent Street offers strong property fundamentals and asset management opportunities. The relatively low average passing rents create scope for rental growth going into a much stronger occupational market.”
Montagu Evans advised TH Real Estate; CBRE advised Kennedy Wilson.
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