TH Real Estate, on behalf of a real estate fund managed by Warburg HIH Invest Real Estate GmbH, has acquired Units 2 and 3 at 44-48 Argyle Street for £1.9m (€2.4m. This follows the purchase of the freehold of 38-48 Argyle Street in July 2014. The total investment in the properties is in excess of £23.5m (€29.8m).
Unit 2 is let to Yours Clothing until September 2025 with a break in September 2020 at £185,000 p.a. (€235,000) Unit 3 is currently vacant and will be marketed for lease imminently.
Axel Kleinefenn head of fund management, Warburg-HIH Invest said: “Following our acquisition of the main unit – let to TK Maxx – we received access to additional asset management potential through the full ownership of a well located asset in a promising retail market.”
Martin Payne, senior fund manager, TH Real Estate, added: “We’ve made a significant commitment to Glasgow and have considerable confidence about the city’s future. This latest acquisition builds on the investment we made in 2014 and gives us the opportunity to tap into Glasgow’s strong retail market.”
Andrew Shiells, director, Lambert Smith Hampton, commented: “Glasgow is widely recognised as one of the UK’s most vibrant retail destinations and has good investment fundamentals. This acquisition allows TH Real Estate to realise inherent value by buying in control of a long leasehold interest and create additional value by letting out the vacant unit.”
Lambert Smith Hampton advised TH Real Estate.
