Trinova Real Estate has completed the acquisition of the Spectrum Building in Glasgow on behalf of Central and Eastern European developer and investor Futureal Group.
It is understood that Futureal Group paid £14.65m for the building on the corner of Blythswood Street and Waterloo Street in Glasgow’s central business district.
The property provides more than 74,000 sq ft of office and retail accommodation.
Its office tenants include Arthur J Gallagher, Hays Recruitment, Hogg Robinson and Resolvecall, while the retail units are let to Subway and Bright Horizons Nursery.
It is the first acquisition in the UK by Futureal, which is looking to expand its portfolio across Western Europe.
Sam Resouly, partner at Trinova Real Estate, said: “We are delighted to have acquired Spectrum on behalf of Futureal in our first deal together in this partnership – in particular we are looking forward to executing an exciting business plan with Futureal on its first UK office asset. The fundamentals of the Glasgow market are particularly attractive and supportive of the business plan, and we are looking to reposition the asset to capture a number of opportunities.”
Gábor Futó, founder of Futureal Group, added: “As part of our latest strategy, we intend to acquire further income-producing properties in major cities with a focus on asset repositioning. In addition to securing value-add projects like the Spectrum Building in Glasgow, or the recently purchased Antares office building in Warsaw, Futureal Group is now also sourcing new opportunities outside of its traditional Central and Eastern European markets for the group’s commercial and residential investment and development businesses.”
CBRE advised Futureal and Trinova; JLL acted for the vendor.
To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette
