APAM has acquired 38 Cadogan Street, a 40,000ft² office building in Glasgow’s central business district, from LaSalle Investment Management for €8.1m (£7.3m). The property is let to Westcot Credit Services, with only one vacant suite remaining for occupation. Cadogan Street is an increasingly sought-after micro-location in Glasgow and is set to be transformed over the next few years with two major developments - Cadworks and The Grid - immediately adjacent to 38 Cadogan Street.
Patrick Freestone, senior investment manager at APAM, said: “38 Cadogan Street is situated in one of Glasgow’s most exciting locations and provides a great opportunity for us to add value immediately through active asset management and capture future growth from a low passing rent. This acquisition follows the purchase of 160 Dundee Street in Edinburgh and highlights continued interest from APAM’s international investors in well-located commercial real estate opportunities in regional cities. We continue to actively seek core and core-plus opportunities for our joint-venture partners across key UK office markets, focusing on lot sizes ranging from €5.6m (£5m) to €222.8m (£200m).”
Knight Frank represented APAM, while Ryden acted for LaSalle Investment Management.
