Shelborn Asset Management, acting on behalf of clients, has purchased Maxim Office Park from an affiliate of Cerberus Capital Management for €43m (£38m). The park, located on the outskirts of Glasgow, comprises 756,000ft² of offices across ten buildings arranged around a central landscaped zone with a further nine acres of development land. Tenants include SEPA (Scottish Environment Protection Agency), Regus, Balfour Beattie, Lamellar Biomedical and TC Biopharm, amongst others.
Brian Rabinowitz, Director, Shelborn Asset Management, said: “We are excited to be involved in Maxim Park and see it as the number one destination for any occupiers looking outside Glasgow. We acquired the property for off-shore investors and this continues our strategy of pursuing opportunities which offer the potential of added value. The park presents extremely well and there are many existing happy tenants, so we look forward to securing further letting success over the next few years. This is our second acquisition in Scotland this year, following the purchase of Caledonian House in Dundee. We believe the Scotland office market offers good opportunities at the moment, with the potential for further growth and development.”
John Rae, Head of Knight Frank Glasgow commented: “We are delighted to act on behalf of Shelborn Asset Management and continue our long-term involvement with the asset. Maxim offers a fantastic environment for office occupiers and by building on the recent letting activity we are confident that it will cement its position as the premier out-of-town office destination in Scotland’s Central Belt.”
David Davidson, Partner at Cushman & Wakefield, said: “The improvements to the M8 Motorway which completed in December last year have transformed the letting prospects for Maxim, so we were confident that new investors to the market would see the upside potential in this investment.”
Knight Frank acted for Shelborn Asset Management and Cushman & Wakefield acted for Cerberus.
