CLYDEBUILT II Limited Partnership (CLP II), a joint venture between Scottish property company Ediston and Strathclyde Pension Fund (SPF), has acquired multi-let office Central Exchange in Glasgow for a price in the region of £22 million.
The building spans 95,174 sq ft across nine floors, offers 33 car parking spaces, and boasts a double-height reception foyer.
With an EPC ‘A’ rating, the property is currently multi-let to Hymans Robertson, Ashurst, Associated Newspapers, and Aberdein Considine.
The acquisition follows CLP II’s purchase of Sentinel, an 84,095 sq ft multi-let office at 103 Waterloo Street, which completed in August.
Calum Bruce, fund manager of CLP II, said, “Central Exchange provides the Fund with both a robust income stream and an excellent repositioning opportunity in a supply constrained market. The prime location in Glasgow’s CBD merits a high-quality office refurbishment, which we will deliver to meet the needs of modern occupiers. The acquisition complements our purchase of Sentinel and underscores our confidence in Glasgow’s office market.”
Stuart Low, investment partner, Ryden, added, “It has been a pleasure working with Ediston on the acquisition of Central Exchange. The asset aligns seamlessly with CLP II’s strategy of well-located, value-add office investments. Ediston continues to strengthen its presence in Glasgow’s office market, a sector Ryden expects to go from strength to strength.”
Ryden acted on behalf of Clydebuilt II. CBRE and Acre Capital acted for the vendor.
