Hermes Investment Management has acquired Skypark in Glasgow’s Digital Media Quarter (DMQ), Finnieston.
Skypark is a landmark campus comprising six office buildings and three development sites and is home to over 4,000 employees. The six office buildings, known as Skypark 1-6, comprises 508,144 ft² office space, 8,573 ft² of retail space and 21,530 ft² of warehouse and ancillary accommodation. It is currently 70% let to 12 tenants, including Capita, V Group, DC Thomson, Axis, Fleet Alliance, Hub West Scotland and Herbert Engineering Corp.
As well as a range of serviced office space and meeting facilities, Skypark has 695 parking spaces, an on-site cafe and the award-winning Four Seasons nursery, while practical services include prescription pick-up and an on-site ATM.
Chris Taylor, Head of Private Markets at Hermes Investment Management, said: “Our long-term investment strategy focuses upon those locations which will benefit from enhanced infrastructure and public realm, and buildings which offer active management potential. Skypark is an attractive high-income return asset, which is significantly below replacement cost, and allows us the opportunity to manage and introduce our placemaking experience and initiatives to deliver added value and sustainable, long-term financial returns to our beneficiaries.”
Resonance Capital acted for Hermes Investment Management, while JLL advised the vendor.
