Benson Elliot, the UK-based private equity real estate fund manager, has acquired 150 St. Vincent Street in Glasgow in an off-market transaction from UK institution F&C REIT. The acquisition extends Benson Elliot’s sizeable and successful UK regional office investment strategy, which has seen the firm acquire properties in Birmingham, Bristol, Cambridge, Manchester, Milton Keynes and Reading over the past five years.
150 St. Vincent Street is a modern office building situated in the heart of Glasgow’s CBD. The building sits on a commanding site at the corner of St. Vincent Street and Wellington Street, and provides 71,400 ft² (6.596 m²) of accommodation over seven floors. Glasgow is the UK’s second largest office hub outside London.
James Jakeman, Principal at Benson Elliot, said: “We’re ongoing supporters of the UK regional investment story and, as such, 150 St. Vincent Street represents an exciting opportunity for us. We expect a focused capital investment programme, on the back of limited quality supply and significant growth in tenant demand, will enable us to deliver strong income improvement at the property.”
Source: Benson Elliot