Pramerica Real Estate Investors has completed its purchase of 141 Bothwell Street in Glasgow.
Pramerica bought the 175,000 sq ft office building for around £70m on behalf of a single client account. The nine-floor building is fully let to blue chip tenants, including Shell, HSBC and PwC, with an average weighted unexpired lease term of 11 years.
Pramerica is the European arm of the real estate investment and management business of Prudential Financial.
Friedrich von Carlowitz, portfolio manager of Pramerica, said: “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.”
james.buckley@estatesgazette.com
