Pramerica Real Estate acquires Glasgow offices

£70m paid for 175,000 sq ft 141 Bothwell Street

Article posted: 05 Jan 2012

Pramerica Real Estate Investors has completed its acquisition of 175,000 sq ft of Grade A office space in Glasgow city centre with the purchase of 141 Bothwell Street for around £70 million, on behalf of a client.

141 Bothwell Street has outstanding environmental credentials and was the first office building in Glasgow to be awarded the coveted BREEAM ‘Excellent’ rating. An EPC rating of C has also been achieved.

Blue chip tenants include HSBC, BNP Paribas, PricewaterhouseCoopers and Shell which is testament to the high quality of both the building and the location. Occupying one of the most prominent island sites in Glasgow’s city centre, architecturally, it is a spectacular building and an outstanding addition to the streetscape of Glasgow’s Central Business District.

Commenting on the acquisition, Friedrich von Carlowitz, Portfolio Manager of Pramerica said: “141 Bothwell Street is one of the highest quality office assets in Glasgow, as demonstrated by its Excellent BREEAM rating, overall standard of fit-out and the quality of the tenants, and we are very pleased to have been able to take advantage of this investment opportunity.”

We believe that the Glasgow office market offers one of the best risk-return-profiles in UK right now, and, with a relatively small amount of Grade A space available, this deal represents excellent value which we are confident will generate good returns on behalf of our investors.”

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Posted by Ingrid