What is interesting about the investment market in Glasgow is the extent of foreign buying as illustrated by two recent deals. The German fund, Union Investments, has bought the 6,305 sq.metres (67,874 sq.ft.) Equinox building for its Unilmmo Deutschland fund for an estimated £28.3 million. Another German fund, SEB Europe REI, has bought an 8,952 sq.metres (96,366 sq.ft.) property in St Vincent Street from the Scarborough Group for an undisclosed price. The property is leased to the Bank of Scotland.
The other substantial deal in Glasgow saw a client of DTZ Investment Management, represented by Knight Frank, buy the 3,270 sq.metres (35,197 sq.ft.) 133-137 Buchanan Street for £21.2 million for a yield of 5.5%. The building has a mix of offices and shops. Tony Gibby of DTZ Investment Management commented: “We feel that Glasgow and Edinburgh are showing good value at present and with a further £600 million to spend across a number of clients, I expect there to be further acquisitions north of the border. We are still looking to acquire similar assets in Glasgow, Edinburgh and across the rest of the major cities in the UK.”
The Scotland Commercial Property Register
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