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Property: 110 ST VINCENT STREET, GLASGOW


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110 ST VINCENT STREET, GLASGOW

SOLD

Press Release:

GLASGOW’S UNION BANK BUILDING BOUGHT BY GERMAN REAL ESTATE F
German real estate fund SEB Europe REI has purchased 110 St Vincent Street, one of Glasgow’s most iconic office buildings.
 
The Grade A building, which is leased to Bank of Scotland, is located in a prominent intersection in the city’s central business district and was sold by Scarborough Group for an undisclosed sum.
 
Designed in the 1920s by renowned architect James Miller and inspired by American neoclassical commercial architecture, the ‘Union Bank’ building was redeveloped in 2007 by Scarborough Group.
 
Behind its elegant classical exterior, 110 St Vincent Street is now a prestigious nine-storey contemporary office building covering 8,927 sq metres and featuring the original ground floor banking hall with its imposing columns and glass roof.
 
Steven Newlands, Partner, Capital Markets Group at Cushman & Wakefield, secured the building for SEB Europe REI despite fierce competition from a number of parties. He said: “110 St Vincent Street is a real trophy property as it is not only one of the most architecturally striking buildings in the city but is also in a prime location with a first class tenant. Bank of Scotland still has 12 years left on the lease so the building represents an excellent investment for SEB.
 
“Glasgow has been in SEB’s sights for some time as the dynamics of the city centre property market are strongly weighted towards landlords thanks to a combination of a low supply of available Grade A accommodation and strong tenant demand.

“With Scottish and Southern Energy’s £20m purchase of Stockland’s 58,948 sq ft 1 Waterloo Street last month, there isn’t a great deal of Grade A left and, as the remaining buildings fill, rents will start to rise.”
 
Joint selling agent and Partner at Redpath Bruce LLP, Christian Bruce added:

"Whilst interest in this property was understandably high, in these somewhat uncertain times it was key for Scarborough Group that, along with achieving a strong price, the purchaser was both credible, experienced and commercially minded.  SEB were all of these things and performed an extremely involved due diligence program in a remarkably short time frame.  The relationship that has formed between the principals is one which I suspect may flourish in time."

SEB Europe REI is a German real estate special fund aimed at institutional investors. The Fund has a conservative risk/return profile. It invests across Europe and now has four properties in its portfolio.
 
Redpath Bruce and CBRE acted on behalf of Scarborough Group.

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