Standard Life property trust buys Glasgow office
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The Standard Life Investments Property Income trust is fully invested after acquiring a 23,000 sq ft office in Glasgow city centre.
Jason Baggaley, manager of the £88.1m investment trust, has bought 140 West George Street – which is let to six tenants and has one vacant floor – for £4m.
The purchase price reflects a capital value of £170 per sq ft and an income yield of 9.5%.
Baggaley says: “This building provides top quality accommodation on small floor plates, at an attractive rent, and is occupied by a number of good quality tenants.”
Tenants currently in the building include Cyril Sweet, Anderson Fyfe, Gerald Eve, AWD Group and Central Insurance Services. Rents are £17 per sq ft with lease breaks or expirations spread between 2015 and 2020.
In December, the fund sold Northern and Shell Tower in the Docklands for £12.2m. Recent acquisitions by the trust include St James’s House in Cheltenham and the Explorer 1 & 2 and Mitre Court building in Crawley.
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