Pramerica Real Estate Investors announces that it has completed the acquisition of 141 Bothwell Street, a 175,000-ft² (approx. 16,250-m²) grade-A office building, for a total consideration of around £70 million (approx. 84.5 million).
141 Bothwell Street, Glasgow.
The asset was acquired on behalf of a single client account. Pramerica is the European arm of the real estate investment and management business of Prudential Financial, Inc. (NYSE:PRU), which is headquartered in the United States.
141 Bothwell Street is a landmark, multi-let office building in a central Glasgow location. It was completed in 2009 and was awarded an Excellent BREEAM for Offices 2006 rating, making it the first building in Glasgow to achieve this level of certification.
It provides 175,000 ft² of space arranged over nine floors, which is fully let to a number of blue chip tenants, including Shell, HSBC Bank plc, and PricewaterhouseCoopers, with an average weighted unexpired lease term of 11 years. In addition, there are 60 underground car parking spaces.
"141 Bothwell Street is one of the highest quality office assets in Glasgow, as demonstrated by its Excellent BREEAM rating, overall standard of fit-out and the quality of the tenants, and we are very pleased to have been able to take advantage of this investment opportunity," said Friedrich von Carlowitz, Portfolio Manager of Pramerica.
"We believe that the Glasgow office market offers one of the best risk-return-profiles in UK right now, and, with a relatively small amount of grade-A space available, this deal represents excellent value which we are confident will generate good returns on behalf of our investors."
Source: FTI Consulting