Elite Partners Capital has acquired four commercial properties in the United Kingdom for approximately €76.6m (£70m). The property located at 150 Broomielaw in Glasgow is the largest among the four latest acquisitions. It was acquired from a Jersey Trust, in one of the biggest UK office deals outside of London since the onset of the COVID-19 pandemic.
The eight-storey building in Glasgow, Scotland’s largest city economy, offers 8,989m² of Grade A office that is entirely let to Scottish Enterprise and is occupied by Scottish Ministers. Located in the heart of Glasgow’s International Financial Services District, 150 Broomielaw is easily accessible via the Glasgow Central station and the M8 motorway.
The combined floor space of the four assets amounts to 22,792m². Elite Partners has reported low vacancies in all its UK properties, thanks to long leases backed by the UK government, as well as close proximity to town centres with excellent connectivity.
The four recent acquisitions are:
|Property||Town||Floor Space - ft²||Tenant|
|150 Broomielaw||Glasgow||96,759||Scottish Enterprise|
|Apex Court||Nottingham||38,816||The Secretary of State for Housing, Communities and Local Government|
|Eaton House||London||36,110||The Secretary of State for Communities and Local Government|
|Griffin House||Greater Manchester||73,653||The Secretary of State for Housing, Communities and Local Government|
Victor Song, CEO of Elite Partners, said: “Against the backdrop first of Brexit and more recently, COVID-19, we remain committed to the UK commercial property market, which continues to offer interesting acquisition opportunities. These assets acquired by the Fund are all leased to entities of the UK Government and hence offer stability in rentals as well as long lease periods. We now have an impressive portfolio that provides a long-term income stream that will translate into resilient returns for investors.”